Central Okanagan Real Estate Stats 2013

Housing Market, Rental Listings, Stats & Advice
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Clsmum
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Re: Central Okanagan Real Estate Stats 2013

Post by Clsmum » Fri Jul 12, 2013 7:25 pm

Sales in our area (Dilworth Mountain, in Kelowna) have blasted off in the past two months.

All of the houses around us have sold, houses that have been on the market for almost two years!! I felt so sorry for those people, its an awful thing to want/need to sell in a slow, slow market.

I even have had agents cold call me to ask if I want to list my house for sale. I tell them no way, I am never moving again in my life, as I love this house and this area. I wanted my brother in another province to buy the house next door, but he said no, when he retired it was going to be to Phoenix....



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Re: Central Okanagan Real Estate Stats 2013 - June

Post by admin » Tue Jul 30, 2013 10:13 am

June 2013

Excerpts pertaining to the Central Okanagan, taken from the July 4, 2013 Media Release from Okanagan Mainline Real Estate Board (OMREB):

Positive Second Quarter for Okanagan‐Shuswap Housing Market

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported June 2013 sales activity of all MLS®
property types improved over the same month last year and posted positive second quarter results.

“During the past three months, the Okanagan‐Shuswap has experienced a steady year-over-year increase in sales
– a welcome improvement over the first quarter of this year when sales were fairly flat compared to 2012,” says
Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President. “We hope to see this trend continue
as summer unfolds and the warm weather sparks renewed seller interest and buyer activity.”

Some price ranges are moving more quickly than others, Singbeil says. “Serious sellers recognize that their properties must be priced within the current market conditions in order to obtain a successful sale. It is evident that well-priced properties attract attention and should sell.”

Due to the divergence in OMREB’s three market areas, sales activity tends to vary among property types zone-by-zone, Singbeil notes. “While the North Okanagan experienced a notable improvement and the Central Okanagan saw a marked uptick in sales during June, the Shuswap posted more modest gains.”

Central Zone (Peachland to Lake Country): During June, overall sales in the Central Zone were up 12.6% to 483 units from 429 in 2012. Year‐to‐date, unit sales for January through June saw a modest improvement (4.8%) with 2,153 compared to 2,054 units during the same period last year. Total residential sales for the month improved 10.8% to 430 units compared to 388 last year. The 880 new listings taken in the Central Okanagan during the month was a decline of 9.8% compared to 2012, bringing inventory down 11.8% to 4,629 units from 5,247 last June.

To view the entire OMREB release, please visit this link:
http://www.omreb.com/files/06%20-%20OMR ... elease.pdf


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Re: Central Okanagan Real Estate Stats 2013 - June

Post by admin » Tue Jul 30, 2013 10:31 am

June 2013

Condo/Apt
Sales 72
New Listings 137
Average Price $265,151
Median Price $219,500

Condo/Townhouse
Sales 52
New Listings 92
Average Price $376,203
Median Price $340,000

Lots
Sales 35
New Listings 62
Average Price $240,971
Median Price $180,000

Residential
Sales 254
New Listings 411
Average Price $478,433
Median Price $438,000


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Re: Central Okanagan Real Estate Stats 2013 - July

Post by admin » Thu Aug 29, 2013 11:56 am

July 2013

Excerpts pertaining to the Central Okanagan, taken from the August 6, 2013 Media Release from Okanagan Mainline Real Estate Board (OMREB):

Okanagan‐Shuswap Housing Market Sweats it Out in the Heat of Summer

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported July 2013 sales activity of all MLS® property types improved over the same month last year but was down slightly from June.

“Following a fairly flat first quarter, the Okanagan‐Shuswap has experienced a steady year-over-year increase in sales during the past four months. While some segments are heating up and seeing a turnaround in consumer demand compared to last year at this time echoing stronger activity province-wide. Overall market conditions are still stabilizing in our Board area.” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President.

“July is typically slower than June, and even more so this year, as some areas have seen more impact than others from the Alberta floods – especially the recreation market in the Shuswap and the investment condo market in the Central Okanagan – segments that have also been affected by tighter credit conditions.” Due to the divergence in OMREB’s three market areas, sales activity tends to vary among property types zone‐by‐zone, Singbeil cautions. “Although sales activity during July saw a noticeable improvement in some areas and by property type, the Central Okanagan experienced more modest gains, and the North Okanagan saw a slight decline which is more typical of the summer months.

Prices within some property types, such as recreational waterfront in the Shuswap, have seen significant adjustments. While unit sales may be increasing and showing a positive perspective, you have to look at prices within property types and sale price trends within different price points to really understand the overall picture of the current residential market.”

Central Zone (Peachland to Lake Country): During July, overall sales in the Central Zone were up 13.0% to 471 units from 417 in 2012. Year-to-date, unit sales for January through July saw a modest improvement (6.0%) with 2,621 compared to 2,471 units during the same period last year. Total residential sales for the month improved 15.2% to 432 units compared to 375 last year. The 915 new listings taken in the Central Okanagan during the month showed a slight dip compared to 2012 (down 0.3% from 918), bringing inventory down 11.4% to 4,611 units from 5,203 last July.

To view the entire OMREB release, please visit this link:
http://www.omreb.com/files/07%20-%20OMR ... elease.pdf


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Re: Central Okanagan Real Estate Stats 2013 - July

Post by admin » Thu Aug 29, 2013 12:12 pm

July 2013

Condo/Apt
Sales 94
New Listings 147
Average Price $254,044
Median Price $220,461

Condo/Townhouse
Sales 64
New Listings 129
Average Price $358,986
Median Price $325,000

Lots
Sales 33
New Listings 79
Average Price $237,712
Median Price $217,999

Residential
Sales 221
New Listings 371
Average Price $479,258
Median Price $422,500


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Re: Central Okanagan Real Estate Stats 2013 - October

Post by admin » Fri Nov 29, 2013 5:04 pm

October 2013

Excerpts pertaining to the Central Okanagan, taken from the November 5, 2013 Media Release from Okanagan Mainline Real Estate Board (OMREB):

Okanagan‐Shuswap Housing Market Trends for October Continue on Par with 10‐Year Average

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported October 2013 sales activity of all MLS® property types have continue to improve since early this year, and are up 20% compared to last year at this time.

Residential home sales last month were above the Board’s 10‐year average for October – 550 units versus 510 – as consumer demand now more closely reflects long‐term averages across the province. Despite relatively weak economic, employment and retail sales growth in BC during 2013, an upward trend has been reported by most BC markets since the beginning of the year when sales levels were at a cyclical low.

“This market can be challenging for sellers and buyers alike. Rising home sales combined with a downward trend in active listings have improved overall housing market conditions in the Okanagan and Shuswap, yet we remain firmly in buyers’ market territory,” says Karen Singbeil, OMREB President and active REALTOR® in the Shuswap area. “Make no mistake, this is a very competitive marketplace we are in. Successful home sellers set competitive asking prices out of the gate and buyers face their own challenges including interest rates creeping up and less flexible lenders.”

Sales activity tends to vary among property types zone‐by‐zone, due to the divergence in OMREB’s three market areas. “Unit sales have strengthened but you have to look at prices within property types and sale price trends within different price points to fully understand the overall picture of the current residential market,” Singbeil notes.

Central Zone (Peachland to Lake Country): During October, overall sales in the Central Zone were up
26.8% to 383 units from 302 in 2012. Total residential sales for the month improved 34.6% to 354 units compared to 263 last year.

The 708 new listings taken in the Central Okanagan during the month saw a 3.8% decline compared to 736 in 2012, while total inventory was reduced by 12.8% to 3,970 units from 4,555 last October.

To view the entire OMREB release, please visit this link:
http://www.omreb.com/files/10%20-%20OMR ... elease.pdf


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Re: Central Okanagan Real Estate Stats 2013 - October

Post by admin » Fri Nov 29, 2013 5:15 pm

October 2013

Condo/Apt
Sales 73
New Listings 128
Average Price $208,912
Median Price $190,000

Condo/Townhouse
Sales 62
New Listings 99
Average Price $346,884
Median Price $329,000

Lots
Sales 23
New Listings 52
Average Price $195,763
Median Price $190,000

Residential
Sales 166
New Listings 277
Average Price $481,993
Median Price $440,000


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Re: Central Okanagan Real Estate Stats 2013 - November

Post by admin » Tue Jan 14, 2014 11:36 pm

November 2013

Excerpts pertaining to the Central Okanagan, taken from the December 4, 2013 Media Release from Okanagan Mainline Real Estate Board (OMREB):

Okanagan‐Shuswap Housing Market Steady but Cooling in November

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported November 2013 sales activity of all MLS® property types are up 17% compared to the same month in 2012, continuing the steady upward trend begun earlier this year when sales levels were at a cyclical low.

While residential home sales for November improved year‐over‐year in most BC markets, consumer demand has edged back compared to October. A cool down is typically seen moving into winter and the holiday season, but the sluggish economy and anemic job growth have already begun to take some of the steam out of the housing market across the province, and could dampen consumer confidence over the next few months.

“During the past seven months, the housing market in the Okanagan and Shuswap has improved as increased consumer demand combined with fewer homes for sale has led to more balanced conditions,” says Karen Singbeil, OMREB President and active REALTOR® in the Shuswap area. “However, we remain firmly in buyers’ market territory, which can be very challenging for sellers and buyers alike. To be competitive, successful home sellers typically have sharp pencils when setting their asking price. While short‐term interest rates are expected to remain unchanged, buyers could face less flexible lenders and the risk of rising long‐term fixed mortgage rates going forward.”

OMREB’s three market areas are diverse. As a result, sales activity tends to vary among property types zone‐by‐zone and month‐by‐month with ups and downs at different times and locations. In order to fully understand the overall picture of the current residential market in our Board area it important to look at prices within property types and sale price trends within different price points.

Central Zone (Peachland to Lake Country):

During November, overall sales in the Central Zone were up 20.5% to 323 units from 268 in 2012. Total residential sales for the month improved 27.0 % to 306 units compared to 241 last year. The 565 new listings taken in the Central Okanagan during the month saw a 2.8% decline compared to 581 in 2012, while total inventory was reduced by 11.7% to 3,729 units from 4,222 last November.

To view the entire OMREB release, please visit this link:
http://www.omreb.com/files/11%20-%20OMR ... elease.pdf" onclick="window.open(this.href);return false;


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Re: Central Okanagan Real Estate Stats 2013 - November

Post by admin » Wed Jan 15, 2014 12:09 am

November 2013

Condo/Apt
Sales 56
New Listings 108
Average Price $209,735
Median Price $193,500

Condo/Townhouse
Sales 49
New Listings 68
Average Price $344,212
Median Price $317,500

Lots
Sales 7
New Listings 35
Average Price $217,186
Median Price $225,000

Residential
Sales 159
New Listings 232
Average Price $458,171
Median Price $410,000


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Re: Central Okanagan Real Estate Stats 2013 - December

Post by admin » Mon Jan 27, 2014 4:55 pm

December 2013

Excerpts pertaining to the Central Okanagan, taken from the January 6, 2014 Media Release from Okanagan Mainline Real Estate Board (OMREB):

Stronger Finish for Okanagan Shuswap Housing Market in 2013

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported a strong finish to 2013 with December sales activity of all MLS® property types up 44% compared to the same month in 2012 posting the strongest unit sales for the month of December since 2009.

“The housing market in the Okanagan Shuswap continued the steady upward trend begun earlier in the year when sales levels were at a cyclical low, and ended 2013 on a fairly strong note with a 13% improvement in overall sales year-to-date compared to 2012,” says Karen Singbeil, OMREB President and active REALTOR® in the Shuswap.

“We are pleased to have surpassed forecasted expectations for sales growth in year-over-year residential sales for our Board area, and experienced moderate to strong gains for various property types in each Zone, despite 2013 being the second consecutive year of relatively slow economic growth and moderate consumer confidence in the province. Competitive home sellers appear to be more market conscious and are sharpening their pencils when setting their list price, which has led to more transaction volumes.”

OMREB’s three market areas are diverse, Singbeil notes. “As a result, sales activity tends to vary among property types zone-by-zone and month-by-month with ups and downs at different times and locations. In order to fully understand the overall picture of the current residential market in our Board area it is important to look at prices within property types and sale price trends within different price points.”

Although total active listings have trended lower over the past few years and reduced supply, market conditions in the Okanagan Shuswap remain in buyer’s territory which can be very challenging for sellers and buyers alike. While short-term interest rates are expected to remain low and accommodating to consumer demand, buyers could face less flexible lenders and the risk of rising long-term fixed mortgage rates going forward, especially as the U.S. economy strengthens.

The total level of employment has remained unchanged and will likely limit consumer demand to its current pace, perhaps with some moderation over the next quarter. However, stronger demand in the second half of 2014 should create more balanced market conditions in the Okanagan Shuswap.

Central Zone (Peachland to Lake Country):

During December, overall sales in the Central Zone were up 33.2% to 253 units from 190 in 2012. Total residential sales for the month improved 28.1 % to 210 units compared to 164 last year at this time. The 341 new listings taken in the Central Okanagan during the month saw an 11.2% decline compared to 384 in 2012, while total inventory was reduced by 12.7% to 3,208 units from 3,676 last December.

Overall sales at year-end (January through December) improved by 13.6% in 2013 - rising to 4,429 units valued at $1.7 billion from 3,900 at $1.5 billion in 2012. Total residential sales at year-end rose 14.3% to 4,016 units over 3,514 last year. Single family residential sales for the Zone were up 18.1% for the year compared to the number of units sold during 2012 (to 2,164 from 1,832).


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