October 2011 - Okanagan-Shuswap Housing Market Showing Signs of Stability Going into Fall
By Jaime Briggs, Kelowna Real Estate
Press Release from OMREB October 5, 2011
Okanagan-Shuswap Housing Market Showing Signs of Stability Going into Fall
Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported September 2011 sales activity of all MLS® property types improved over this time last year and were up slightly from the previus month (August 2011) as the housing market shows signs of stability going into fall.
During September, overall sales improved 25.42% over last year (to 296 units from 236) and were up 3.4% from August (286), with sales volumes of $121 million compared to $94.7 million in 2010. Total residential sales last month climbed 25.23% compared to September 2010 (to 278 units from 222) – up 7.33% over August (259). Single family home sales rose 16% over last year (145 compared to 125) – up 9.84% from the 132 homes sold in August. Inventory was up slightly (0.14%) over 2010 (to 4,986 units from 4,979), but new listings for the month were down 4.7% from last September (832 compared to 873).
“The market in the Okanagan-Shuswap is beginning to stabilize as autumn unfolds, especially in the Central Zone with the bump-up in sales during September and steady activity over the past few months. Most segments continue to hold their own while the recreation and investment sectors remain sluggish, being most impacted by opportunities south of the border, and Canada’s slower than anticipated economic recoveryand modest job growth,” says Kent Jorgenson, OMREB Director and REALTOR® in the Central Zone. “Overall demand in most BC markets has cooled along with lagging consumer confidence. Belt-tightening and apprehension about making big purchases have continued as ongoing concerns over personal debt load, net worth and employment are being influenced by news of American economic uncertainty, global instability and equity market volatility.”
Jorgenson notes, “Serious buyers are looking for well-priced properties – recognizing that now is the time to buy while there is still an ample selection of homes and room to negotiate, and while low interest rates continue to positively impact their purchasing power and determine the home they can afford. Sellers can benefit from working with a professional REALTOR® to price strategically at current values and make the most of buyer activity. Homes with good curb appeal that are listed by sellers with the sharpest pencils are selling quickly in this competitive market.“
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 1,122 member REALTORS® and 91 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