2014 FINISHES STRONG!

12.8%

The month of December showed a strong finish to the year with sales up almost 24% over the same time last year with 312 properties changing hands. With only 346 new listings that were added to the inventory, pretty much the same as last December, resulting in 2,657 listings to start the new year off with, down considerably from 3,210 at the end of 2013.

Overall, 2014 saw an increase of 21.31% of units sold, volume was up a staggering 31.59% yet listing inventory is down over 17%. What that translates to is an increased price for residential properties on average of 7%, and the median increase of 6%; both pretty similar.

The average sales price of a single family home for 2014 is $498,563, a townhouse is $361,453 and condos $243,443.

How's the Market

Last month we asked the question…Is the market
taking a pause?... following Septembers sales numbers
dropping 19% in comparison to the previous year.
We are pleased to report a respectable showing of
MLS® unit sales for the month of October, down only
slightly, 1.12%, with 266 residential properties trading
hands in comparison to 269 in October of 2011 as
reported by OMREB.
Other noteworthy results include Westbank First
Nations Residential sales up 400% last month and
39.13% YTD. Apartment and Townhome unit sales
are up 10.54% and 10.73% YTD, respectively.
Year To Date, acreage unit sales are up 28.57%. Lot
unit sales up 23.31%, Westbank First Nations lot sales
are up 200%, total lot unit sales are up 100% and the
sale of Commercial Land units are also up 400%.
These results reveal increased consumer confidence
locally.
The Okanagan Mainline Real Estate Board (OMREB)
is on track to post its best year for MLS® residential
sales since 2009. Home sales are expected to finish the
year up over last year. Currently total residential sales
are up 7.20% year to date.
“Recovery in consumer demand is being bolstered by
improved affordability, resulting from lower unit
prices and persistently low mortgage interest rates.
Market conditions in the OMREB area continue to
favour home buyers. However, the inventory of homes
for sale has trended lower in recent months as new
listings activity slowed.” Reports BCREA.
Currently, listing inventory is down 3.21% year to
date. The reduction in new inventory will help our
market return to a more balanced market in 2013 as
unabsorbed inventory will be reduced.
The BC Real Estate Association forecasts that the
average residential sale price is to remain relatively
unchanged this year and increase just under 2% in
2013. The Residential Average Sales Price year to
date is $400,464 down 1.12% over last year.
Home market values depend on a variety of factors
such as location, inventory, condition and competition.
We invite you to contact our office to receive your
complimentary market evaluation.
Courtesy of
Deborah Moore
Managing Broker
RE/MAX Kelowna