Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April 2012 sales activity of all MLS® property types were up compared to the same month last year and have improved over the first four months of 2011, as the housing market remains steady and continues to see modest gains.
Okanagan-Shuswap home sales saw gradual improvement during April. We continue to see up and down fluctuations in each Zone as there are a lot of dynamics in our area – depending on the community, housing type and price point. Now more than ever, it is important for anyone thinking of buying or selling to ask their REALTOR® how their property type is currently faring in the overall market and, more significantly, in their particular neighbourhood.
In April, sales were the strongest in the North Okanagan with a 30% improvement over 2011 and single family homes saw the most significant gain with a 48% increase in units sold. Overall sales for the month also picked up 18% in the Shuswap, and lot sales jumped significantly over April 2011 – from 2 to 8. In the Central Okanagan, it is encouraging to see a 26% rise in the number of lots sold year-to-date compared to the first four months in 2011. The bump-up indicates that builders and developers are purchasing land in our Board area, and more lots are being listed and added to the inventory.
With significant active inventory plus the expected seasonal increases in listings, and the demand for housing growing at a slow but steady rate reflective of the economy and employment, prices are holding steady in most segments in the Board area.
Working with a real estate professional to understand current local market conditions and to provide comparisons specific to your neighbourhood is essential as home values vary based on property type and location. Pricing continues to be of utmost importance when selling a home. Consult with your REALTOR® to make sure your pricing is strategic and reflective of the current values in your area. Remember that serious buyers are motivated by well-priced properties with great curb appeal and room to negotiate. It is important to have realistic expectations when buying or selling a house. Buyers and sellers must agree to come together if they are serious about closing the deal.
For current statistics and the monthly media release, please contact Tiffany Munsey tmunsey@coldwellbanker.ca
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