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How's the Market?


Blog by Steven Bergg and Allen Epp | November 6th, 2012


HOW’S THE MARKET?

Last month we asked the question…Is the market taking a pause?... following Septembers sales numbers dropping 19% in comparison to the previous year.  We are pleased to report a respectable showing of MLS® unit sales for the month of October, down only slightly, 1.12%, with 266 residential properties trading  hands in comparison to 269 in October of 2011 as  reported by OMREB. 

Other noteworthy results include Westbank First Nations Residential sales up 400% last month and 39.13% YTD. Apartment and Townhome unit sales are up 10.54% and 10.73% YTD, respectively. Year To Date, acreage unit sales are up 28.57%. Lot unit sales up 23.31%, Westbank First Nations lot sales are up 200%, total lot unit sales are up 100% and the sale of Commercial Land units are also up 400%. These results reveal increased consumer confidence locally.

The Okanagan Mainline Real Estate Board (OMREB) is on track to post its best year for MLS® residential  sales since 2009. Home sales are expected to finish the year up over last year. Currently total residential sales are up 7.20% year to date.
“Recovery in consumer demand is being bolstered by improved affordability, resulting from lower unit prices and persistently low mortgage interest rates. Market conditions in the OMREB area continue to favour home buyers. However, the inventory of homes for sale has trended lower in recent months as new listings activity slowed.” Reports BCREA.

Currently, listing inventory is down 3.21% year to date. The reduction in new inventory will help our market return to a more balanced market in 2013 as unabsorbed inventory will be reduced.

Home market values depend on a variety of factors such as location, inventory, condition and competition. We invite you to contact our office to receive your complimentary market evaluation.

- Steven, Allen & Annette