Okanagan-Shuswap Housing Market Sees Balanced Conditions in April
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April sales activity of all MLS® property types were up 26% compared to the same month in 2013 and also showed a 26% improvement over March.
“The Okanagan-Shuswap housing market moved out of a buyer’s market into a balanced market during April following a steady growth in sales and declining inventory,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan.
“Board-wide, sales statistics for the first four months of 2014 indicate recovery is well underway with rising consumer demand and balanced conditions emerging as we move into the warmer spring months,” Griffiths notes. “With prices remaining stable and record low interest rates still available, buyers who have been sitting on the fence may be poised to enter the market, while sellers will be listing homes with more confidence.”
Griffiths cautions that buyers could be looking harder to find homes and may need to view properties in a higher price range to find similar value as the selection of entry level choices has been picked over and significantly reduced with the drop in active listings. And, despite more balanced market conditions, the competition for buyers can still be a challenge for sellers if their properties are not priced well.
“Market conscious and competitive home sellers are sharpening their pencils and seeing results. Being realistic about the market value of your home, setting an attractive list price right out of the gate and be willing to negotiate for the best offer are the keys to a successful sale.”
Sales activity tends to vary among property types zone-by-zone and month-by-month with ups and downs at different times and locations within OMREB’s three diverse market areas. It is important to look at prices within property types and sale price trends within different price points in order to fully understand the overall picture of the current residential market in our Board area.
Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s Board area during April improved by 26.3% compared to 2013 — to 783 units from 620. Total residential sales for the month rose 27.7% to 714 units board-wide compared to 559 last April and were up 28.8% compared to 554 last month (March 2014).
The 1,793 new listings taken board-wide for the month were down 3.3% compared to the 1,855 listings posted in April 2013, while inventory (active listings) was down 7.8% over this time last year – to 7,838 from 8,498.