North Okanagan Real Estate Stats 2013

[admin]

To enable you to keep on top of what's happening in the North Okanagan real estate market, we'll update this thread monthly. These statistics are available through the Okanagan Mainline Real Estate Board.

http://www.omreb.com/page.php?sectionID=2

**Please note that these are average prices and indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The average sold prices reflect single family homes and don't include residential waterfront properties.


January 2013

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

Okanagan‐Shuswap Housing Market Cautious Going into 2013

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported January 2013 sales activity of all MLS® property types is down over the same month last year but showed an improvement over December.

“Last year, the housing market remained fairly stable for the Okanagan‐Shuswap with a good build‐up in sales in many segments for most of the year and only losing strength during the closing two months,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President. “This slowdown carried over into January which is typically not a strong month, and can be partially attributed to the dreary winter weather that keeps people indoors.”

Most B.C. markets saw a low level of activity or a decline in sales for the month, replicating the last quarter of 2012 when markets were impacted by the tightening of credit and wavering consumer confidence. “Board-wide, overall sales for the month were down 5% compared to last year at this time. Sales of all property types dropped by 32% in the North Okanagan and 3% in the Shuswap, but the Central Okanagan showed a 4% improvement over January 2012,” Shaw reports. “Due to the divergence in our market areas, sales tend to vary among single family, townhouse and apartment properties month by month and zone by zone. During January, the Central Okanagan showed the greatest strength with a 16% bump in townhouse sales and 5% rise in the sale of single family residential homes. While the Shuswap saw a 5% dip in single family sales, the North Okanagan took a hit this month with a 40% decline in this segment.”

North Zone (Predator Ridge to Enderby): Overall sales for January in the North Zone dropped 31.5% to 50 units valued at $13.4 million from 73 at $24.6 million in 2012. Total residential sales for the month were down 29.7% over last year – to 45 units valued at $12.1 million versus 64 at $21.7 million. Single family home sales declined 40.5% to 22 units compared to 37 in January 2012.

While inventory for January rose slightly (0.9%) to 1,963 from 1,946 in 2012, the 213 new listings taken for the month showed a 27.8% decline compared to 295 during the first month of 2012.

To view the entire release, please visit this link:

http://www.omreb.com/files/01%20-%20OMR ... elease.pdf

[admin]

January 2013

Condo/Apt
Sales 4
New Listings 18
Average Price $141,625
Median Price $134,500

Condo/Townhouse
Sales 6
New Listings 30
Average Price $237,000
Median Price $210,000

Lots
Sales 4
New Listings 15
Average Price $218,750
Median Price $115,000

Residential
Sales 22
New Listings 76
Average Price $317,160
Median Price $295,000

[admin]

February 2013

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

Okanagan‐Shuswap Housing Market Slow but Stable

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported February 2013 sales activity of all MLS® property types is down over the same month last year but remains fairly stable. During February, most B.C. markets
saw a low level of sales activity with not much change from January as the tighter rules for high ratio mortgages, wavering consumer confidence, and a pull‐back in demand continue to impact buyers.

“The slowdown from late 2012 carried over into January and February which are typically not strong months. While the sluggish winter sales were expected to continue into February, activity started to pick‐up in the Okanagan‐Shuswap during the latter part of the month so we hope to see an increase in calls for showings during March,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.

“Overall sales for the month were down 15% Board‐wide compared to last year at this time. While at a lower level than hoped for, sales are steady but tend to vary among property types month by month and zone by zone due to the divergence in our market areas,” Shaw reports. “Sales of all property types dropped by 18% in the Central Okanagan, 10% in the North Okanagan and Shuswap compared to February 2012. The Central zone experienced a 12% decline in the sale of single family residential homes, while the Shuswap and North zones saw 6% and 5% dips in this segment.”

North Zone (Predator Ridge to Enderby):
Overall sales for February in the North Zone dropped 10.1% and sales volumes were down 24.6% to 80 units valued at $24.1 million from 89 at $31.9 million in 2012. Total residential sales for the month dipped 4.0% over last year to 72 units versus 75 in February 2012. Single family home sales were down 4.8% to 40 units compared to 42 last year at this time.

While inventory for February was down slightly (0.8%) to 2,039 from 2,056 in 2012, the 298 new
listings taken for the month showed a 13.1% decline compared to 343 during the second month of
2012.

To view the entire release, please visit:
http://www.omreb.com/files/02%20-%20OMR ... elease.pdf

[admin]

February 2013

Condo/Apt
Sales 5
New Listings 18
Average Price $185,325
Median Price $162,500

Condo/Townhouse
Sales 10
New Listings 53
Average Price $246,050
Median Price $256,000

Lots
Sales 4
New Listings 36
Average Price $115,000
Median Price $115,000

Residential
Sales 40
New Listings 104
Average Price $345,835
Median Price $337,500

[admin]

March 2013

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

Okanagan‐Shuswap Housing Market Steadies During First Quarter

Kelowna, BC - The Okanagan Mainline Real Estate Board (OMREB) reported March 2013 sales activity of all MLS® property types is down over the same month last year but showed promising first quarter results. “During March, sales in our Board area mirrored activity in most housing markets in the province – remaining fairly flat as reticent buyers continue to be influenced by tighter credit rules affecting affordability, and thereby, reducing the rate of consumer demand,” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President. “The market slowdown from late 2012 carried over into the first quarter of 2013 as buyers and sellers continue to sit on the fence, and take a wait and see approach.”

Singbeil reports, “While sales were sluggish in the Okanagan and Shuswap so far this year, they have been showing steady improvement month over month. Sales activity may be slow but it is steady and tends to vary among property types month by month and zone by zone due to the divergence in our three market areas. Homes that are priced well and show well are selling across the Board.”

North Zone (Predator Ridge to Enderby):

Overall sales for March in the North Zone dropped 13.6% to 108 units from 125 last year. Year‐to‐date, sales were down 17.4% compared to the first quarter of 2012 (to 237 from 287). Total residential sales for the month slipped 14.9% over last year to 97 units versus 114 in March 2012. Single family home sales were down 21.2% to 52 units compared to 66 last year at this time. While inventory for March dipped 3.7% to 2,117 from 2,199 in 2012, the 410 new listings taken for the month showed a 10.5% decline compared to 458 during the third month of 2012.


To view the entire OMREB release, please visit this link:
http://www.omreb.com/files/03%20-%20OMR ... ase_V2.pdf

[admin]

March 2013

Condo/Apt
Sales 10
New Listings 17
Average Price $153,958
Median Price $156,450

Condo/Townhouse
Sales 16
New Listings 52
Average Price $249,260
Median Price $226,000

Lots
Sales 9
New Listings 40
Average Price $192,672
Median Price $188,000

Residential
Sales 52
New Listings 173
Average Price $377,920
Median Price $338,500

[admin]

April 2013

Excerpts pertaining to the North Okanagan, taken from the May 3, 2013 Media Release from Okanagan Mainline Real Estate Board (OMREB):

Okanagan‐Shuswap Housing Market Stronger in April

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April 2013 sales activity of all MLS® property types improved over the same month last year as the housing market strengthened moving into spring.

“Following fairly flat first quarter results province‐wide, during April the Okanagan‐Shuswap market saw a bounce up in sales and consumer demand compared to this time last year,” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President. “Although 2013 had a sluggish start, sales in our Board area have seen steady improvement month over‐month, and are currently up year over year. We hope this positive trend continues going forward as buyers and sellers take advantage of the spring market activity.”

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 Central Okanagan and Shuswap experienced an uptick in April, the North Okanagan remained relatively flat and saw minimal gains.”

North Zone (Predator Ridge to Enderby):
Overall sales for April in the North Zone showed a nominal improvement over last year – up 2.9% to 140 units from 136 in 2012. Year-to-date, sales were down 10.9% compared to the first four months of 2012 (to 377 from 423). Total residential sales for the month rose 5.7% over last year to 130 units versus 123 in April 2012. Single family home sales were down 13.3% to 72 units compared to 83 last year at this time. While inventory for April dipped 1.6% to 2,329 from 2,366 in 2012, the 478 new listings taken for the month remained at the 2012 level (477).

To view the entire OMREB release, please visit this link:
http://www.omreb.com/files/04%20-%20OMR ... elease.pdf

[admin]

April 2013

Condo/Apt
Sales 8
New Listings 24
Average Price $202,188
Median Price $176,250

Condo/Townhouse
Sales 24
New Listings 45
Average Price $252,065
Median Price $229,250

Lots
Sales 7
New Listings 61
Average Price $152,214
Median Price $110,000

Residential
Sales 72
New Listings 199
Average Price $357,983
Median Price $329,629

[admin]

May 2013

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

Okanagan-Shuswap Housing Market Springs Forward

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported May 2013 sales activity of all MLS® property types continued to improve with modest increases over the same month last year.

“We expected an uptrend in May which is typical of the housing resale market as buyers and sellers take advantage of the warmer weather and spring market activity.” “Units being listed continue to decline. Sellers have recognized that their properties must be priced within the current market conditions in order to obtain a successful sale. A Seller who really does not need to sell is less likely to put their home on the market,” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President. “It is evident that some price ranges are moving more quickly than others and that well priced properties attract attention and will 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 Central Okanagan experienced a more marked uptick in May, both the North Okanagan and Shuswap remained relatively flat in sales, posting modest gains.”

North Zone (Predator Ridge to Enderby):
Overall sales for May in the North Zone showed a nominal improvement over last year – up 3% to 165 units from 160 in 2012. Year-to-date, sales were down 7% compared to the first five months of 2012 (to 542 from 583).

Total residential sales for the month were exactly the same as last year to 150 units in May 2012 and 2013. While inventory for May dipped 3.7% to 2,471 from 2,567 in 2012, the new listings taken for the month (452) declined 14.56% from the 2012 level (529).

To read the entire OMREB release, please visit this link:
http://www.omreb.com/files/05%20-%20OMR ... elease.pdf

[admin]

May 2013

Condo/Apt
Sales 9
New Listings 24
Average Price $183,722
Median Price $167,000

Condo/Townhouse
Sales 29
New Listings 35
Average Price $241,152
Median Price $226,500

Lots
Sales 13
New Listings 74
Average Price $195,377
Median Price $165,000

Residential
Sales 86
New Listings 173
Average Price $349,821
Median Price $326,000