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.

November's Housing Market

November proved steady though slightly off pace in comparison to last November. With 566 properties being listed in the Central Okanagan which represents a 1.22% decline. The trend of fewer listings has been a continuous theme during this year as inventory levels declined with 9,926 properties being listed which is down 4.82% from last year’s 10,429. Our existing inventory was reduced by the 271 properties that traded hands in November which is down 4.91% from the 285 units sold in November of 2011. Bucking the trend however is year-to-date unit sales which are up 7.65% with 3,717 units sold this year in comparison to the 3,453 that occurred last year. Sales volume trended similarly to unit sales in that it too is up 7.97% year to date at $1,459,386,762. Sales volume continues to be bolstered by record setting affordable interest rates.

The average sale price of single family residential homes in November was $470,578 which is up slightly from our year-to-date average of $468,157. If we include all types of residential properties, such as condominiums, townhomes, mobile homes and duplex’s, average sales for the month of November were $418,654 which is quite strong in comparison to our year-to-date average of $401,821.
Another notable trend is the extended marketing times that our local market is experiencing. Last November, it took 116 days to sell a property while this November it took 131 days to sell, which is up a significant 17.59%. Year to date it has taken 116 days to sell on average in comparison to 2011’s 105 days which is up 10.87%.

Increased year-to-date sales in Duplex’s – 38.46%, Triplex & Fourplex – 25%, Farms – 25%, Multi-family – 33% and Residential and Commercial Land – 26% & 25% are positive market indicators of increased consumer confidence locally. Now if we could just get our recreational/secondary buyers back!

HIGGINS REPORT ON THE MARKET FOR MARCH

HOW’S THE MARKET?

The Okanagan Mainline Real Estate Board reported March sales activity of MLS® property types was down slightly over the same month last year as consumers cautiously enter the market.
Overall sales in the Central Zone for the month of March were down slightly (1.68%) with 351 unit sales versus 357 sold in 2011. When we look at the year to date unit sales the Central Okanagan is up 4.03% with 851 units sold in comparison to 818 in 2011.
Sales volumes of $133 million were down 4.5% from $139 million sold for the month of March last year. Year to date sales volume for 2012 of $318.3 million is only slightly off last year’s pace (2.37%) at $315.8 million.
Noteworthy statistics include Duplex year to date sales up 53.85% and apartment sales up 16.22%. This could indicate that cautious consumers are looking for extra income to help pay the mortgage and similarly choosing smaller more economical housing alternatives such as condominiums. The BC governments introduction of transitional tax rules designed to get new home buyers off the fence may already be working.
OMREB reported the sale of lots up 42.31% (42 sale in 2012 vs. 34 sales in 2011) in comparison to last year to date.
Similarly, the sale of commercial land and commercial real estate is up 200% and 59.09% respectively as investors begin to return to the market.
While it is anticipated that our steady market will reach OMREB’S forecast of 5,000 sales units in 2012 consumers continue to remain cautious and frugal.
This is evidenced by the Average Residential sale price of $439,745 which is down 5.21% over last years $463,915 and the Average Sale Price of all types of real estate sold year to date is also down 3.43% at $338,000 for 2012 in comparison to $350,000 in 2011.
RE/MAX Kelowna Sales Associates continue to work closely with our Seller and Buyer clients to maximize their opportunities and assist them in interpreting the realities of this “new” normal market.
Deborah Moore
Managing Broker
RE/MAX Kelowna

Trading Up: Small Details Create Spring Havens

It's that time of year again when you might feel the urge to purge - otherwise known as spring cleaning. But think twice before trading in some of your home décor items instead, trade them up. By adding small details to what you already have, you can achieve a chic and rejuvenated look for spring.
Before relinquishing boxes of trinkets, "clutter-creators" and damaged accessories, consider repurposing items such as plain lamps and window treatments, tattered pillows and throws, or unused vases and china. Small details help create a spring haven with a fresh perspective and affordable materials such as decorative trim, mirrors and faux-flowers.

Spring Into Home Maintenance: From The Out Side In

Now that the snow has melted take the time to walk around the outside of your home and conduct a thorough exterior inspection. What to look for - damaged sidewalks, clogged storm drains, cracks in the foundation, screen or window damage, damaged or clogged downspouts, deteriorated weather-stripping, loose or missing roof shingles, siding or shutters, and tree limbs that may be hanging vicariously over the home.
Some items, such as foundation cracks or roof and siding problems, may require the hire of a professional contractor to make repairs. The money invested now could save thousands in additional repair work in later years. However, if you are up to the challenge many spring maintenance issues can be easily taken care of by the homeowner.


*Based on MLS® Active Listings & Sold Units as Reported by OMREB in 2011 for Central Okanagan.