MEDIA RELEASE
June 4, 2014
Kelowna, BC – The
Okanagan Mainline Real Estate Board (OMREB) reported May sales activity of
all MLS® property types
were up 31% compared to the same month in 2013 – posting a 25% improvement
over April and the strongest unit sales for May since 2007. “Spring sales
activity in the Okanagan-Shuswap is much stronger than in previous years.
Following five months of steady growth in sales with inventory down
despite listings being up, OMREB has moved firmly into balanced market
conditions,” says Darcy Griffiths, OMREB President and active REALTOR® in
the North Okanagan. The North Okanagan leads the way in growth this month
with a 51% improvement in overall sales, compared to 31% in the Shuswap,
and 24% in the Central Okanagan. The North saw a 58% rise in single family
residential sales in May, compared to 17% in the Shuswap, and 12% in the
Central Okanagan.
“The selection of
entry level home choices has been picked over and is significantly reduced with
the drop in active
listings,” Griffiths notes. “As consumer confidence continues to build, some
buyers are viewing properties in
a higher price range to find better inventory and value.” Low mortgage
rates and competition among lenders are continuing to support higher levels
of consumer demand this spring. Increased purchases at the higher price
ranges suggest continued improvement in consumer confidence is well under
way in our Board area. Accelerating market and employment conditions in
Alberta, combined with an unfavourable US exchange rate, are pushing recreation
buyers back into the Okanagan-Shuswap. “While an increase in purchases of
higher priced homes is being reflected in a jump in the average price of
units sold during May, this does not equate to a significant increase in the
price of single family home prices. Pricing has remained fairly stable
with relatively modest gains seen in some locations.”
Despite balanced
market conditions, the competition for buyers can still be a challenge for
sellers if their properties are
not priced well, Griffiths warns.
“Being realistic
about the market value of your home, setting an attractive list price right out
of the gate, and being
willing to negotiate for the best offer are the keys to a successful sale.
Market conscious and
competitive home sellers are sharpening their pencils and seeing
results.”
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