February's Market 2013

The Okanagan Mainline Real Estate Board (OMREB) reported February’s sales activity down in comparison to the same month last year. Exceptions to the rule were lot sales and Acreage properties which were both up. The impact of tightened mortgage lending rules introduced last year can still be felt. 236 Properties traded hands in February, in comparison to 287 in the previous year which is down 17.77%. Year to date sales are down 8.63% with a total of 455 properties changing hands in comparison to the 498 we experienced last year.

New listings taken last month were also down just over 17% with 784 properties being listed in February in
comparison to the 954 listed in the same month last year. This decrease however is a good thing, as we
have substantial inventory that needs to be absorbed in order to achieve a more balanced market. It is still a
buyer’s market and sellers would be well advised to seek professional advice when pricing their properties prior to putting them on the market as values are dependent on neighborhood, style and inventory level. Attractively priced properties are being sold to willing buyers.

Sellers must remain patient as Days to Sell have been extended to 130 days from last year’s 110. The Average Residential price is $439,786 which is up 2.84% over last year to date indicating that the we might have hit bottom as far as pricing levels are concerned.

Taking into account all other types of Residential property, such as Condominiums and Townhomes, the Average Residential Price drops to $375,122 offering affordable alternatives to home buyers. The recent reduction in mortgage lending rates will boost sales into the spring market.

Courtesy of  
Deborah Moore
Managing Broker

Market Report for January

Buyers felt slightly more optimistic to the start of 2013 than in the last few years.
Overall sales were up 3.8% in the Central Zone in comparison to the same month last year as reported by the Okanagan Mainline Real Estate Board.

In January, 219 properties traded hands in comparison to 211 in 2012. These sales represented a sales volume improvement of over 17% and equated to a dollar volume of $87.7 million in comparison to 2012’s dollar volume of $74.8 million. The continued low cost of borrowing buoyed demand as reflected in the total residential sales for last month rose 4.2% with 197 units sold versus 189 units sold in January of last year.

The sales volume for total residential sales also increased a significant 17.51% representing over $49 million in comparison to $42 million last year. The single family homes and townhouse sector showed an improvement of 4.9% and 16% respectively. The average for all types of Residences was also up 8.93% and came in at $394,815 in comparison to 2012’s $362,440 average.

This total takes into account all styles of residential living including mobile homes, duplex’s, recreational real estate, timeshares, apartments and townhomes. Values and marketing times vary depending on location, property type and price range.