Okanagan‐Shuswap Housing Market Sweats it Out in the Heat of Summer
For Immediate Release:
August 6, 2013
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.