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.

The Okanagan Mainline Real Estate Board
reported MLS® Total Residential Unit Sales were up
8.08% in the month of April with 321 sales in comparison
to the 297 which occurred in 2011. Year-To-
Date however total residential sales were up only
marginally at 3.43% with 1087 this year in comparison
to 1051 in 2011.
April was a strong month for apartment style
unit sales which were up 23.53% last month over
previous year with 63 sales reported in 2012 vs. 51
last year. Year-To-Date apartment sales are up
18.09% with 235 units sold this year in comparison
to the 199 sold last year. This is a great news for our
strata/condominium market as we currently have
913 apartment units on the market representing
15.5 months of inventory based on 2012 monthly
YTD unit sales levels.
Similarly OMREB’s average residential sale price
held its own for the month of April coming in at
$482,093 which is up only .21% from 2011’s April
average of $481,077. Year-To-Date however averages
are down 3.39% for Residential properties
coming in at $452,859 this year vs. $468,732. When
we factor in all types of Residential Real Estate the
Average Sale Price drops 2.36% from last year to
$384,484 vs. $393,764. The length of time listings
are on the market has been extended over last year
with 2012 YTD Days to Sell coming in at 102 vs. 96 in
2011.
At RE/MAX Offices within the Central Okanagan
things are looking up with our Average Unit Sales
Up 10% over last year, our Average Residential Total
Sale Price is up to $398,195 which is higher than the
OMREB Average and our YTD Days to Sell is down to
88 Days which is the lowest reported for all major
brokerage firms and 31% lower than the average of
our competitors!
Home market values depend on a variety of
factors such as location, inventory, condition and
completion.

HIGGINS REPORT ON THE MARKET: CENTRAL OKANAGAN MONTHLY STATISTICS FOR MARCH

Stats Comparison 2011 vs. 2012 - March
Number of Sales by Month
March 2011                      March 2012
             356                                   351

Number of Sales Year to Date
March 2011                      March 2012
             818                                   850

Residential House Prices by Month
March 2011                      March 2012
Average    $492,398                       $456,568
Median     $439,000                       $415,000

Residential House Prices Year to Date
March 2011                      March 2012
Average     $463,915                       $439,745
Median      $425,000                       $410,000

Number of Units Listed
March 2011                       March 2012
             1,118                                 1,106

Days to Sell by Month - Residential
March 2011                        March 2012
             80                                       92

Days to Sell Year to Date - Residential
March 2011                         March 2012
             89                                        92

Single Family Sales by Price
Year to Date - January to March 2012

Price range                                 2011                      2012
$0 - $239,999                                11                          12
$240,000 - $319,999                       42                          53
$320,000 - $399,999                     112                        123
$400,000 - $479,999                     101                          87
$480,000 - $559,999                       74                          64
$560,000 - $999,999                       62                          58
$1 million and over                            8                            3

Active Inventory
Central Okanagan - March 2012
Res.                                   1,524
Condo.                                 945
Mobiles                                229
Lots                                      572

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

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.

HIGGINS REPORT ON THE MARKET....

Stats Comparison 2012 vs. 2011 for the Month of Feb.

Number of Sales by Month:
Feb 2012                        Feb 2011
       289                                 249
Number of Sales Year to Date:
Feb 2012                        Feb 2011
       500                                 462
Residential House Prices by Month
Feb 2012                        Feb 2011
Average $437,267                 $444,134
Median $404,950                  $422,000
Residential House Prices Year to Date:
Feb 2012                         Feb 2011
Average $427,635                 $441,179
Median $403,600                  $413,500
Number of Units Listed:
Feb 2012                           Feb 2011
       954                                    1,022
Days to Sell by Month - Residential:
Feb 2012                           Feb 2011
       83                                      86
Days to Sell Year to Date - Residential:
Feb 2012                            Feb 2011
       91                                       96
Single Family Sales by PriceYear to Date:
                                                           2011         2012

Price range:
$0 - $239,999                                             7              7
$240,000 - $319,999                                  23            34
$320,000 - $399,999                                  72            75
$400,000 - $479,999                                  54            50
$480,000 - $559,999                                  39            33
$560,000 - $999,999                                  31            33
$1 million & over                                        2              1

Active Inventory Central Okanagan - February 2012
Res.- 1,391
Condo. - 922  
Mobiles - 206
Lots - 550

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