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.

Scammers at it Again in Central Okanagan

If you have people coming to your door looking for donations, be careful as scammers are out there claiming to be canvassers for a children's charity. I guess they feel if they use children, everyone is more likely to give. But what they are really doing is trolling for your personal information, say police. 

These people are showing up on your doorstep and claiming to be canvassing on behalf of UNICEF. They will tell you that you can only donate via debit card or credit card as they are carrying a portable card machine. Police suspect the machine is then capturing your financial information, including your personal identity number (P.I.N.). They are then using that information to make fraudulent cards and withdrawing money or buy things with the fake cards.

In some cases, the scammers will give you a realistic receipt and a Starbucks coffee after the exchange. The scammers may use other charities as well. If you are suspicious, politely decline their request for a donation close your door and report it to the police.

HIGGINS REPORT ON THE MARKET MAY 2012

The Okanagan Mainline Real
Estate Board reported 9,651 Active MLS®
Listings with 5,283 of them being located in
the Central Okanagan Zone boundaries available
for sale. The listing inventory is down
only slightly, 1.55%, from 2011 YTD inventory
of 5,302 units. 1,215 Properties were
listed on the MLS® in the month of May
which is on par with 2011’s May listing numbers
of 1,214. Buyers have ample selection
and competitively priced homes are selling
quicker than the average 90 days to sell.
The local real estate market was much
improved during the month of May with a
19.13% sale unit increase over last year.
436 Properties traded hands in May 2012 in
comparison to 366 properties in May of 2011.
Year to date unit sales are up 7.95% with
1,629 units of sales in 2012 in comparison to
1,509 units of sale in 2011. The Average
Residential Sale Price YTD is $461,777 which
is down 1.45% compared to last YTD Average
Sale Price in 2011 of $468,560. Noteworthy
YTD unit sales increases include Duplex sales
up 43.48%, Apartment sales up 17.71%,
Acreage sales up 37.5% and Total Lot sales
up 27.87%.
Real estate market experts remain cautiously
optimistic about the recovery and predict
moderate growth in 2012 and 2013.