NOVEMBER 2010
DISCLAIMER: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month.
There may be some lag time in reporting sales and minor adjustments in total results are made accordingly.
MEDIA RELEASE- For Immediate Release: November 3, 2010
Market Continues to Ripen for Buyers - Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported October 2010 sales activity of all MLS® property types increased from last month but continues to be well down from sales reported this time last year. A sharp decline in new listings continues to bring down overall inventory levels; however, there is still plenty of selection for Buyers.
Active listings fell 3.81% compared to last year at this time, and new listings taken in October were down 14.98% over October 2009 (755 compared to 888) and they also declined 14% from last month (875). While overall sales declined 37.56% compared to last October (to 271 from 434), year to date units sold have only declined 3.45%. Total residential units sold decreased 39.66% from October 2009 (to 245 from 406) but improved marginally over last month. Year to date total sales volume for all property types is only 0.57% off 2009 year to date sales volume.
“While sales seem to have bottomed out in July, demand continues to be sporadic mirroring inconsistent consumer confidence.” says Brenda Moshansky, OMREB President and REALTOR® in the Central Zone. “News out of the US that the economy is slower to recover than expected has caused economic forecasters in Canada to downgrade their predictions from the spring. While this messaging understandably may make consumers cautious, the reality is that current conditions are ripe for buyers who can leverage purchasing power due to the great selection, more attractive pricing and record low interest rates; all of which may not be lasting conditions.”
Moshansky adds, “For Sellers in this market, pricing is important and working with a real estate professional to understand current market conditions is essential. Sellers need to be patient as buyers have more choices and are taking longer to make decisions.”
The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway 33 to Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,149 member REALTORS® and 86 real estate offices in the Southern Interior of BC.
For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR®, visit www.howrealtorshelp.ca
All OMREB listings are published in the MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
For more information:
Brenda Moshansky, President (Board-wide statistical information) (250) 860-7500
bmoshansky@coldwellbanker.ca
Cameron Muir, Chief Economist, BCREA (Province-wide statistical information)
cmuir@bcrea.bc.ca (604) 742-2780
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AUGUST 2010
DISCLAIMER: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month.
There may be some lag time in reporting sales and minor adjustments in total results are made accordingly
MEDIA RELEASE - For Immediate Release:September 8, 2010
Central Okanagan Housing Sales Pick up as Summer Ends -Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported August 2010 sales activity of all MLS® property types picked up as summer comes to an end and the buyer’s market continues. While inventory is starting to decline and sales volumes increasing year-to date with unit sales improving over last month, sales figures are down from August 2009.
Inventory fell 0.97% compared to last year at this time (to 5,295 from 5,347), and new listings decreased 5.82% over August 2009 (825 compared to 876) - dropping 9.73% from last month (914). While overall sales were down 26.23% compared to last August (to 284 from 385), they improved by 18.82% over this July (239). Total residential units sold decreased 28.69% over August 2009 (to 261 from 366) but were up 9.92% over last month (215). Sales of single family units decreased 28.41% from last August (to 126 from 176), but were up 10.47% from last month (105). However, total sales activity year-to-date (YTD) has improved 8.62% compared to the first eight months of 2009 (to 2,723 units from 2,507) and sales volumes YTD are up to $1,109,667,466 from $969,939,969 last year.
“Like Vancouver and Victoria, the Central Okanagan market saw a welcome bump up in sales during August with current levels reflecting those in March 2009,” says Brenda Moshansky, OMREB President and REALTOR® in the Central Zone. “Sales bottomed out across the province in July so sales activity is expected to rise in the fall as recent downward pressure on fixed-term mortgage interest rates renews consumer confidence and sparks buyer interest. As inventory goes down and the market balances out, buyers will not have the same housing options available. However, short-term interest rates are now
starting to edge higher as the economy strengthens. So, now is the optimum time to negotiate a good price while the selection is there and buyers can still take advantage of relatively low mortgage rates.” “A relatively large number of homes for sale has created the most favourable supply conditions for home
buyers in more than a year,” notes Cameron Muir, BCREA Chief Economist. However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall as the property selection drops.
Moshansky adds, “Everything becomes important when selling a property in this market. Working with a real estate professional to set the right price out of the gate is essential. Sellers need to be patient as buyers have more choices and are taking longer to make decisions.”
The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway33 to Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,181 member REALTORS® and 86 real estate offices in the Southern Interior of BC.
For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR®, visit www.howrealtorshelp.ca
All OMREB listings are published in the MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site:
www.omreb.com
For more information:
Brenda Moshansky, President (Board-wide statistical information) (250) 860-7500
bmoshansky@coldwellbanker.ca
Cameron Muir, Chief Economist, BCREA (Province-wide statistical information)
cmuir@bcrea.bc.ca (604) 742-2780
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JULY 2010DISCLAIMER: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month.
There may be some lag time in reporting sales and minor adjustments in total results are made accordingly.
MEDIA RELEASE- For Immediate Release: August 5, 2010
Summer Slows Buyers’ Market in the Central Okanagan Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported July 2010 sales activity of all MLS® property types has cooled down as the summer weather heats up. While growing inventory has improved choice for buyers and sales volumes have increased year-to-date, unit sales were down from last month and last year.
Inventory increased 2.28% over last year at this time (to 5,525 from 5,402), but new listings decreased15.99% over July 2009 (914 compared to 1,088) and dropped 15.83% from last month (1,186). Overall sales were down 48.38% compared to last July (to 239 from 463) and declined 30.92% from this June
(346). Total residential units sold decreased 50.23% over July 2009 (to 215 from 432) and dropped 32.60% over last month (319). Sales of single family units decreased 53.74% from last July (to 105 from 227) and were down 40% from last month (175). However, total sales activity year-to-date (YTD) has improved 14.51% compared to the first seven months of 2009 (to 2,430 units from 2,122) and sales volumes YTD are up to $992,274,473 from $814,247,635.
“Home sales in early 2010 made up for the ground lost during the poor market a year ago, but consumer demand in most BC markets has now slowed for the summer as people are busy with vacations and yard work rather than thinking about buying or selling,” says Brenda Moshansky, OMREB President and
REALTOR® in the Central Zone. “With continued economic recovery and job growth, and interest rates rising slower than anticipated, consumer confidence and buyer interest are expected to pick up again in September – slowly returning to post-recession demand patterns with a gradual increase in sales.
However, buyers should not wait too long while the market is in their favour as they may not have the same options available in the coming months.”
“A larger inventory of homes for sale has created the most favourable conditions for home buyers in more than a year,” notes Cameron Muir, BCREA Chief Economist. “However, the buyers’ market is expected to be short-lived as total active listings throughout the province peaked in May and are beginning to wane with more balanced conditions set to emerge in the fall as the selection drops.”
Moshansky adds, “Everything becomes important when selling a property in this market. Working with a real estate professional to set the right price out of the gate is essential. Sellers need to be patient as buyers have more choices and are taking longer to make decisions.”
The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway33 to Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,179 member REALTORS® and 86 real estate offices in the Southern Interior of BC.
For the most comprehensive source of all real estate listings, home buying and selling information, visitour national websites at www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR®, visit www.howrealtorshelp.ca
All OMREB listings are published in the MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
For more information:
Brenda Moshansky, President (Board-wide statistical information) (250) 860-7500
bmoshansky@coldwellbanker.ca
Cameron Muir, Chief Economist, BCREA (Province-wide statistical information)
cmuir@bcrea.bc.ca (604) 742-2780
JUNE 2010
DISCLAIMER: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month.
There may be some lag time in reporting sales and minor adjustments in total results are made accordingly.
MEDIA RELEASE For Immediate Release: July 7, 2010
Central Okanagan Housing Market Moves into Buyer’s Cycle Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2010 sales activity of all MLS® property types has leveled off as the market shows a steady but slow recovery. While property listings continue to increase and widen the selection for Buyers, unit sales are down from last month and last year, but sales volumes have improved year-to-date.
New listings rose 5.7% over last year at this time (1,186 compared to 1,122) but dropped 10.4% from last month (1,324), while inventory increased 5.8% over last June (to 5,793 from 5,475) and 4.1% since May (from 5,561). Overall sales this month dropped 21.7% compared to June 2009 (to 346 from 442) and were down 8.2% compared to May (378). Total residential units sold decreased 23.8%over last June (to 319 from 419) and dropped 9.6% over last month (353). Sales of single family unitsdecreased 20.8% from June 2009 (to 175 from 221) and were down 6.4% from May (187). However, sales activity year-to-date (YTD) has improved 30.6% compared to the first six months of 2009 (to 2,177 units from 1,666) and sales volumes YTD are up 38.9% (to $881,180,864 from $634,381,184).
“The sales momentum continues to slow and the property selection grow in the Central Okanagan as we enter a Buyer’s cycle and start to return to a more balanced and competitive marketplace,” says Brenda Moshansky, OMREB President and REALTOR® in the Central Zone. “Although economic fundamentals are improving steadily, rising interest rates could impact affordability and purchasing power. However, prices remain stable and there is a steady appetite for Okanagan properties that are priced competitively. More negotiating is required on both sides as Buyers and Sellers come together with realistic pricing expectations.” Moshansky notes, “Everything becomes important when selling a property in this market, including your neighborhood, property type, and home’s appearance. Working with a real estate professional to set the right price out of the gate is essential. Sellers need to be patient as Buyers have more choices and are taking longer to make decisions.” The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway 33 to Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,175 member REALTORS® and 86 real estate offices in the Southern Interior of BC.
For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR®, visit www.howrealtorshelp.ca
All OMREB listings are published in the MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
For more information:
Brenda Moshansky, President (Board-wide statistical information) (250) 860-7500
bmoshansky@coldwellbanker.ca
Cameron Muir, Chief Economist, BCREA (Province-wide statistical information)
cmuir@bcrea.bc.ca (604) 742-2780
