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