2012 ends on a Stable Real Estate Note in Okanagan Shuswap

 

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported December 2012 sales activity of all MLS® property types is down marginally over the same month last year but has increased year-to-date compared to 2011 -- ending the year on a stable note.

A typical seasonal slow-down was seen in December but for the most part, the housing market in the Okanagan-Shuswap remained fairly stable during 2012 and looks to continue this positive trend into the New Year. Overall sales for the month dipped 6% Board-wide compared to last year at this time, while year-to-date (January through December) sales were up 7% over 2011.

Sales continue to vary among single family, townhouse and apartment properties month by month and zone by zone due to the divergence in our market. While sales of all property types dropped by 22% in the North Okanagan and 18% in the Shuswap, the Central Okanagan showed a 3% improvement over December 2011. However, Board-wide total residential sales from January through December showed gains over last year with the North Zone leading the way at 9% year-to-date, followed by a 7% rise for the Central Zone, and 3% in the Shuswap.

The year ended fairly positively as forecasted expectations for growth in year-over-year residential sales for our Board area were met. While many markets in the province were sluggish, OMREB saw strong gains most of the year and did not see declines until the last couple of months.

Pricing is as important as ever with potential buyers taking a wait-and-see approach and some choosing to delay making purchases because they are hoping to see further price drops. However, home prices in our market are pretty stable and have remained flat overall, so we don’t anticipate any significant downward or upward pressure during the coming months. We could see more new listings when those sellers currently sitting on the fence see that inventory is moving as the market continues to improve going forward.

 Look at WHAT sold in order to determine what is really going on in the 3 zones of Okanagan Shuswap Real Estate.

 

 

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Saludos,

Brell 

If you or anyone you know is looking for real estate services, I'd love to help.

Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®

Sutton Group - Lakefront Realty 
2749 30 Street, Vernon, BC, V1T 5C6

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