North Okanagan Real Estate Stats 2013

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Re: North Okanagan Real Estate Stats 2013 - June

Post by admin » Tue Jul 30, 2013 10:36 am

June 2013

Excerpts pertaining to the North 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.”

North Zone (Predator Ridge to Enderby): Overall sales for June in the North Zone showed a significant improvement over last year – up 23.3% to 185 units from 150 in 2012. Year-to-date, sales were on par with the first
six months of 2012, dipping marginally (1%) to 726 from 733. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

Total residential sales for the month jumped 27.2% over last year to 173 units from 136. While inventory for June dipped 7.7% to 2,422 from 2,624 in 2012, the new listings taken for the month (335) declined 25.7% from the 2012 level (451).

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: North Okanagan Real Estate Stats 2013 - June

Post by admin » Tue Jul 30, 2013 10:47 am

June 2013

Condo/Apt
Sales 11
New Listings 32
Average Price $164,809
Median Price $170,000

Condo/Townhouse
Sales 27
New Listings 30
Average Price $255,377
Median Price $250,000

Lots
Sales 8
New Listings 52
Average Price $127,929
Median Price $112,500

Residential
Sales 95
New Listings 125
Average Price $370,352
Median Price $352,000


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Re: North Okanagan Real Estate Stats 2013 - July

Post by admin » Thu Aug 29, 2013 12:00 pm

July 2013

Excerpts pertaining to the North 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.”

North Zone (Predator Ridge to Enderby): Overall sales for July in the North Zone showed a nominal decline over last year at this time – down 2.7% to 144 units from 148 in 2012. Year-to-date, sales were on par with the first seven months of 2012, dipping slightly (1.5%) to 868 from 881. Total residential sales for the month were down 3.8% over last year to 128 units from 133. While inventory for July dropped 7.2% to 2,507 from 2,702 in 2012, the 344 new listings taken for the month declined 9.2% from the 2012 level (379).

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: North Okanagan Real Estate Stats 2013 - July

Post by admin » Thu Aug 29, 2013 12:05 pm

July 2013

Condo/Apt
Sales 8
New Listings 17
Average Price $163,006
Median Price $152,000

Condo/Townhouse
Sales 19
New Listings 37
Average Price $259,026
Median Price $260,500

Lots
Sales 10
New Listings 41
Average Price $221,900
Median Price $197,500

Residential
Sales 73
New Listings 151
Average Price $368,124
Median Price $345,000


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Re: North Okanagan Real Estate Stats 2013 - October

Post by admin » Fri Nov 29, 2013 5:45 pm

October 2013

Excerpts pertaining to the North 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.

North Zone (Predator Ridge to Enderby): Overall sales for October in the North Zone improved 9.6%
over last year at this time – to 149 units from 136 in 2012. Of the total, residential property types for the month (134) were up 8.9% over last year (123).

Inventory for October saw a 7.2% drop to 2,140 from 2,306 in 2012, and the 248 new listings taken for the month dipped 2.8% from the 2012 level of 255.

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: North Okanagan Real Estate Stats 2013 - October

Post by admin » Fri Nov 29, 2013 5:50 pm

October 2013

Condo/Apt
Sales 9
New Listings 21
Average Price $225,989
Median Price $185,000

Condo/Townhouse
Sales 16
New Listings 22
Average Price $257,446
Median Price $224,500

Lots
Sales 13
New Listings 26
Average Price $194,538
Median Price $168,000

Residential
Sales 85
New Listings 101
Average Price $325,840
Median Price $320,000


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Re: North Okanagan Real Estate Stats 2013 - November

Post by admin » Tue Jan 14, 2014 11:58 pm

November 2013

Excerpts pertaining to the North 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.

North Zone (Predator Ridge to Enderby):

Overall sales for November in the North Zone remained the same as last year at this time (109 units). However, total residential sales for the month dipped 3.3% over last year to 89 from 92. Inventory for November saw a 9.0% drop to 1,966 from 2,160 in 2012, and the 175 new listings taken for the month dipped 13.8% from the 2012 level of 203.

To view the entire OMREB release, please visit this link:
http://www.omreb.com/files/11%20-%20OMR ... elease.pdf


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Re: North Okanagan Real Estate Stats 2013 - November

Post by admin » Wed Jan 15, 2014 12:03 am

November 2013

Condo/Apt
Sales 7
New Listings 11
Average Price $148,357
Median Price $142,000

Condo/Townhouse
Sales 19
New Listings 25
Average Price $202,659
Median Price $182,900

Lots
Sales 14
New Listings 30
Average Price $184,607
Median Price $181,500

Residential
Sales 45
New Listings 63
Average Price $395,859
Median Price $365,000


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Re: North Okanagan Real Estate Stats 2013 - December

Post by admin » Mon Jan 27, 2014 4:59 pm

December 2013

Excerpts pertaining to the North 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.

North Zone (Predator Ridge to Enderby):

Overall sales for December in the North Zone rose 58.1% to 98 units compared to 62 units sold last year at this time. Total residential sales for the month improved by 70.0% over last year with 85 units sold (up from 50). While the 114 new listings taken for the month were up 23.9% from the 2012 level of 92, inventory for December saw a 11.7% drop to 1,668 from 1,889 in 2012.

Year‐to‐date (January through December), activity in this Zone remained strong with overall sales improving by 6.4% compared to the same period last year ‐‐ to 1,555 units valued at $507.3 million from 1,461 at $484.9 million. Total residential sales at year‐end rose 6.8% over 2012 (1,397 from 1,308). Compared to last year, single family residential sales were up 2.5% (to 782 units from 763).

To view the entire OMREB release, please visit this link:
http://www.omreb.com/files/12%20-%20OMR ... elease.pdf


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Re: North Okanagan Real Estate Stats 2013 - December

Post by admin » Mon Jan 27, 2014 5:15 pm

December 2013

Condo/Apt
Sales 6
New Listings 13
Average Price $125,667
Median Price $127,250

Condo/Townhouse
Sales 13
New Listings 17
Average Price $229,198
Median Price $230,000

Lots
Sales 10
New Listings 8
Average Price $231,502
Median Price $162,750

Residential
Sales 52
New Listings 38
Average Price $352,282
Median Price $326,500


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