Buyers’ Market Continues as Summer Arrives - Results of July 2011 Real Estate Market Stats
By Jaime Briggs, Kelowna Real Estate
MEDIA RELEASE
For Immediate Release:
August 5, 2011
Buyers’ Market Continues as
Summer Arrives
Kelowna, BC – The Central
Zone of the Okanagan Mainline Real Estate Board (OMREB) reported July 2011
sales activity of all MLS® property types improved significantly over sales
reported at this time last year but were down compared to June as a buyers’ market
continues into the summer months.
During July, overall sales
improved by 36.95% over last year (to 341 units from 249) and were similar to
June (343), with sales volumes of $139.4 million compared to $111.2 million in
2010. Total residential sales last month were up 36.04% compared to July 2010
(to 302 units from 222), and single family home sales rose 24.77% over last
year (to 136 compared to 109), but were down 25.27% from June (182). While
inventory continues to decline over 2010 – down by 3.49% to 5,332 units in July
compared to 5,525 last year, new listings for the month rose by 5.48% over last
July (to 963 from 913) – a 11.97% decline over June listings (from 1,094).
“July home sales were down in
most markets in the province compared to June with sales activity mirroring
2001/2002 pre‐recession
levels. Significant inventory, coupled with a lull in overall demand, weak
economic performance and negative reports regarding debt loads have cooled
consumer confidence despite positive population and job growth in BC,” says
Kent Jorgenson, OMREB Director and REALTOR® in the Central Zone. “Some market
segments are holding their own in the Okanagan‐Shuswap while others like the recreation and
investment segments are down. We are hopeful the current warm weather and
influx of potential out‐of‐town buyers will result
in modest gains during August.” Jorgenson notes, “Serious buyers are seeking well‐priced properties in the
Central Okanagan, recognizing that now is the time to negotiate while there is
still a good selection of homes and less competition on offers, and while
mortgage rates continue to remain favourable. They are looking to avoid
interest risk, knowing that higher rates anticipated later this year will
impact their purchasing power and determine the home they can afford.
Properties with good curb
appeal that are priced by vendors with the sharpest pencils are selling quickly
in this competitive market if buyers and sellers come together on expectations.
Sellers can benefit from working with a professional REALTOR® to price
strategically at current values and make the most of summer buyer activity. “
The results of OMREB’s Board‐wide monthly Buyers
Survey profiling who the buyers are, what they are buying and where they are
from shows that the majority of buyers are from within the Board area. First‐time buyers and move‐up buyers are a driving
factor, and stimulate the chain of ownership.
The Central Zone of OMREB
covers an area from Peachland to Lake Country and east along Highway 33 to
Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate
Board (OMREB) is comprised of 1,151 member REALTORS® and 86 real estate offices
in the Southern Interior of BC.
For the most comprehensive
source of all real estate listings, home buying and selling information, visit
our national websites at www.realtor.ca and www.icx.ca. To find out about the
advantages of using a REALTOR®, check out www.howrealtorshelp.ca
All OMREB listings are
published in the MLS® Real Estate Review magazine available at all real estate
offices and various locations in the Central Okanagan, North Okanagan, the
Shuswap and Revelstoke areas. For comprehensive Board‐wide statistical
information, please visit our local public site: www.omreb.com
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DISCLAIMER: Monthly sales statistics
are based on the sales reported by real estate offices as of the last day of
the month. There may be some lag time in
reporting sales and minor adjustments in total results are made accordingly.
To read complete market stats click to download the attached PDF.