Central Okanagan Real Estate Stats 2012

Housing Market, Rental Listings, Stats & Advice
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sauspop1
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Re: Central Okanagan Real Estate Stats 2012

Post by sauspop1 » Thu Jun 07, 2012 8:22 am

Thanks Tracy we are reading this so keep it coming... More Sun would be nice. :thumbup



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Torrent
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Re: Central Okanagan Real Estate Stats 2012

Post by Torrent » Thu Jun 07, 2012 2:05 pm

ooooooooh how I wish I could LOL. And I know! Isn't this rain awful :thumbdown

I wasn't very popular this morning when the girls came down ready for school wearing optimistic smiles and shorts only for me to send them back upstairs to put on something warmer. It was sunny early this morning and they didn't believe me it was forecast for rain. I couldn't help being a little smug when I picked them up from school and it was pouring.

:wink



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Torrent
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Re: Central Okanagan Real Estate Stats 2012

Post by Torrent » Thu Jun 07, 2012 2:08 pm

... and thanks for that encouragement Sauspop - sometimes I do wonder if anyone reads the stats lol!

:hug



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Torrent
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Central Okanagan Real Estate Stats 2012 - June 2012

Post by Torrent » Mon Jul 16, 2012 5:35 pm

Hi everyone :hi

Here are the following statistics from OMREB for June:

Condo/Apt
Sales 79
New Listings 160
Average Price $246,012
Median Price $225,000

Condo/Townhouse
Sales 63
New Listings 125
Average Price $315,846
Median Price $314,000

Lots
Sales 19
New Listings 60
Average Price $167,657
Median Price $170,000

Residential
Sales 205
New Listings 442
Average Price $475,019
Median Price $425,000


Hope you are all enjoying this glorious Okanagan sunshine :bbq :pool :tan



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Torrent
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Central Okanagan Real Estate Stats 2012 - September

Post by Torrent » Thu Oct 11, 2012 9:04 am

CENTRAL OKANAGAN - SEPTEMBER

SEPTEMBER 2012 STATS: OKANAGAN-SHUSWAP FALL HOUSING MARKET SLOWS WITH TIGHTENING OF MORTGAGE RULES

Kelowna, BC – Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported September 2012 sales activity of all MLS® property types declined over the same month last year but improved compared to the first nine months of 2011 as the market slows moving into fall.

While the Okanagan-Shuswap market saw steady improvement for five consecutive months (April through August), overall sales were down 11% board-wide compared to last September. The current drop in sales does not reflect the upward trend of the past several months. It seems to be more than the seasonal back-to-school slowdown typically seen in September, and although it could be partially attributed to the exceptionally good weather last month, sales activity appears to have been further impacted by the tighter mortgage rules introduced in July.

The elimination of the 30-year amortization on government-insured mortgages has cooled consumer demand as it has a direct impact on affordability, for new buyers in particular. As with prior interventions, BC home sales have sharply declined in the immediate months following the policy change, resulting in a 7% to 10% drop on average – over and above any anticipated seasonal fall-offs. Reports of slowdowns in some major markets across Canada have also had a negative influence on consumer confidence. While the effects of the new mortgage rules could linger for a few months, we are optimistic that they won’t last long or continue to impact sales activity and decision-making for buyers and sellers in an already challenging market.

Overall unit sales in both the Central Okanagan and Shuswap were down 14% and 22% from September 2011 with single family residential the hardest hit at -33% and -25%, while sales in the North Okanagan were up 2% over last year with single family residential rising 28.6%. Year-to-date, total residential sales throughout the Board area improved over last year with the Central Okanagan and North Okanagan leading the way at 10% and 9%, followed by 5% in the Shuswap.

Despite the current slowdown, the outlook in our Board area remains relatively positive in this tight market. Inventory is declining and new listings are down, but buyers still have a good property selection. They continue to be price sensitive and are taking their time to make decisions.

It is important to note that OMREB has experienced a significant downturn for last five to six years (since 2007/08), has already been through a price correction over the past two or three years, and is starting to come out of the doldrums now. We are two years ahead of the current market dynamics in other parts of the province and country, so buyers should not anticipate any drastic price drops going forward. However, we do remain somewhat influenced by the Lower Mainland market, particularly if residents there are planning to sell and relocate to the Okanagan.

Source: OMREB



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Re: Central Okanagan Real Estate Stats 2012 - July

Post by admin » Sun Nov 25, 2012 11:57 am

We know Tracy was very busy this past summer & we hope she doesn't mind me adding the summer stats for her (we're updating the North Okanagan real estate stats already today, so may as well continue!) :)

July

Condo/Apt
Sales 71
New Listings 164
Average Price $221,619
Median Price $205,086

Condo/Townhouse
Sales 60
New Listings 110
Average Price $366,062
Median Price $330,000

Lots
Sales 31
New Listings 58
Average Price $211,984
Median Price $170,000

Residential
Sales 210
New Listings 375
Average Price $472,847
Median Price $428,950


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Re: Central Okanagan Real Estate Stats 2012 - August

Post by admin » Sun Nov 25, 2012 12:03 pm

August

Condo/Apt
Sales 77
New Listings 143
Average Price $260,391
Median Price $238,500

Condo/Townhouse
Sales 58
New Listings 97
Average Price $353,896
Median Price $368,950

Lots
Sales 22
New Listings 64
Average Price $244,973
Median Price $175,950

Residential
Sales 183
New Listings 385
Average Price $488,109
Median Price $430,000


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Re: Central Okanagan Real Estate Stats 2012 - September

Post by admin » Sun Nov 25, 2012 12:18 pm

September

Condo/Apt
Sales 59
New Listings 138
Average Price $216,781
Median Price $198,000

Condo/Townhouse
Sales 33
New Listings 78
Average Price $359,516
Median Price $336,000

Lots
Sales 16
New Listings 36
Average Price $284,395
Median Price $227,000

Residential
Sales 116
New Listings 318
Average Price $488,788
Median Price $447,250


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Re: Central Okanagan Real Estate Stats 2012 - October

Post by admin » Wed Dec 05, 2012 2:04 pm

October

Condo/Apt
Sales 56
New Listings 145
Average Price $321,262
Median Price $221,000

Condo/Townhouse
Sales 42
New Listings 86
Average Price $363,276
Median Price $334,900

Lots
Sales 24
New Listings 43
Average Price $147,308
Median Price $110,000

Residential
Sales 123
New Listings 313
Average Price $452,886
Median Price $419,900


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Re: Central Okanagan Real Estate Stats 2012 - November

Post by admin » Mon Dec 31, 2012 12:11 pm

Excerpts pertaining to the Central Okanagan, taken from the December 5, 2012 Media Release from OMREB

Okanagan‐Shuswap Housing Market Holding Steady

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported November 2012 sales activity of all MLS® property types are down marginally over the same month last year but have increased compared to January through November, 2011 as the market continues to show slow but steady improvement.

“Overall sales in the Okanagan‐Shuswap dipped 2% board‐wide compared to last November while sales year‐to‐date (January through November) were up by 8% over 2011. We are still in a buyers’ market but there are fewer new listings and the increased sales activity is bringing inventory down. Market activity has slowed throughout the province as affordability, particularly for first‐time buyers and higher priced homes, has been impacted by the latest tightening of credit,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.

“Due to the divergence in our market, sales continue to vary among single family, townhouse and apartment properties month by month and zone by zone,” he notes. “While sales of all property types eased off in the Central Okanagan and Shuswap last month – dipping by 5% and 3% the North Okanagan continued to strengthen with overall sales improving by 7% compared to 2011. Total residential sales from January through November, 2012 showed gains board‐wide over last year. Once again, the North zone leads the way with 13%, followed by the Central zone at 6%, and the Shuswap at 2% over 2011.”

Central Zone (Peachland to Lake Country): Overall sales in the Central Zone during November dropped 4.9% over last year but sales volumes improved 2.9% to 271 units valued at $111.8 million compared to 285 at $108.6 million in 2011. Total residential sales for the month were down 6.2% but sales volumes were up 2.3% compared to 2011 to 244 units at $102.2 million from 260 at $99.8 million last November. Single family home sales were up 2.9% to 140 units compared to 136 in 2011.

The 566 new listings taken in the Central Zone during November were down 1.1% compared to 572 in 2011, and inventory for the month declined 5.7% to 4,222 units from 4,475 last year. Overall sales for January through November, 2012 improved by 7.7% over the same period last year rising to 3,715 units valued at $1.46 billion from 3,449 at $1.35 billion in 2011. Year‐to-date, total residential sales for the Zone are up 6.0% (3,355) compared to the number of units sold during the first 11 month last year (3,164). Townhouse and apartment sales in this Zone have shown the most improvement so far this year ‐‐ up 9.3% and 7.8% over 2011.


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