Okanagan-Shuswap Housing Market Strong and Steady in April

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April 2015 sales activity of all MLS® property types improved 10% compared to the same month in 2014 and saw a 13% improvement year-to-date over this time last year (January through April).

“Driven by confident local buyers, April home sales in the Okanagan-Shuswap were robust as the market continued at a strong and steady pace – following the rising trend in most BC markets where activity is being fuelled by pent-up demand,” says Christopher Miller, OMREB President and active REALTOR® in the Central Okanagan.

“As demand grows, days on market for all property types in our Board area continues to improve, and is now at 96 days on average compared to 103 in March, and 125 days to sell last year at this time. This news is encouraging for home owners who are looking to list and sell in a more timely fashion.”

Within OMREB’s three diverse markets – Central Okanagan, North Okanagan, and Shuswap-Revelstoke areas – sales activity and prices, and supply and demand tends to vary among property types at different times and locations, with ups and downs experienced zone-by-zone and month-by-month.

“In all markets within the Board area, well-positioned and well-presented homes are in demand and selling quickly,” Miller reports.

“Activity in the North Okanagan was brisk in April with single family residential sales improving 16% compared to 2014 – bouncing back from the 30% decline experienced in March compared to the same month last year,” he notes. With inventory dipping slightly and the number of new listings similar to this time last year, the market in this zone remains fairly balanced and stable.

“During April, the Central Okanagan saw an 8% increase in single family residential sales year-over-year. Some segments are firmly in seller’s market conditions with the increase in demand outpacing supply as inventory continues to decline. New listings have been static for the past few months, and not keeping up with or meeting the current market demand,” Miller explains.

“In the Shuswap where overall inventory is still high and a buyer’s market prevails, single family home sales dipped 2% in April compared to the same month in 2014,” he reports. Local buyers continue to snap up homes in the lower end of the market, while purchases of recreation and retirement properties have slowed with the downturn in the Alberta economy.

“To fully understand the current residential market,” notes Miller. “It is more important than ever to consult with a professional REALTOR® to look at trends within property types and different price points.

Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s Board area during April 2015 improved by 10.4% compared to 2014 (to 863 units from 782) – up 15.8% compared to March (from 745). Total residential sales for the month jumped by 13.0% (806 units board-wide compared to 713 in 2014), while single family home sales were up 11.1% compared to April 2014 (to 439 from 395).

The average number of days to sell a single family home in April was 77 days Board-wide, compared to 102 days at this time last year.

The 1,781 new listings taken board-wide for the month were down slightly (0.7%) compared to the 1,793 listings posted in April 2014, while inventory (active listings) declined 8.8% to 7,145 from 7,838 last year at this time. Central Zone (Peachland to Lake Country): During April, overall sales of all property types in the Central Zone were up 8.4% -- to 558 units from 515 in 2014. Year-to-date sales activity was up 17.8% compared to the same period last year January through April -- to 1,664 units from 1,413.

Total residential sales for the month improved by 11.3% to 558 units compared to 515 in 2014. The sale of 292 single family homes saw an 11.5% improvement over the 262 in April 2014, while townhouse sales were up 3.9% (to 81 from 78), and apartment sales rose by 12.9% (to 102 from 91).

Average days to sell a single family home in the Central Okanagan in March was down to 65 days compared to 74 in 2014, while days to sell year-to-date (January through April) averaged 71 days compared to 83 last year at this time.

The 1,004 new listings taken in the Central Okanagan during the month saw a 1.1% dip compared to 1,015 in 2014, and total inventory was reduced by 10.8% to 3,627 units from 4,066.

North Zone (Predator Ridge to Enderby): Overall property sales for April in the North Zone jumped 26.1% to 203 units compared to 161 units sold last year at this time – a big improvement over the 139 sold in March when sales were down 2.1% over 2014. Year-to-date sales activity was up 2.3% compared to last year (to 513 units from 497).

Total residential sales for the month improved by 24.3% from 2014 with 203 units sold compared to 151. Single family home sales were up by 15.9% compared to April 2014 (to 102 units from 88).

Average days to sell a single family home in the North Okanagan in April was down to 81 days compared to 114 in 2014, while days to sell year-to-date (January through April) averaged 92 days compared to 123 last year at this time.

The 485 new listings taken for the month were up nominally (0.6%) from the 2014 level of 484. Inventory for April dipped to 2,066 from 2,194 in April of 2014.

Shuswap Zone (Salmon Arm to Revelstoke): In April, sales activity in the Shuswap-Revelstoke Zone remained similar to 2014. Overall unit sales dipped slightly (1.9%) to 102 properties compared to 104, while year-to-date sales were up 1.9% compared to last year at this time (to 269 units from 264).

Total residential unit sales for the month were up 2.4% at 86 units compared to 84 in 2014, while the sale of single family homes was unchanged at 45 units.

Average days to sell a single family home in the Shuswap in April was down to 132 days compared to 142 in 2014, while days to sell year-to-date (January through April) averaged 131 days compared to 167 last year at this time.

The 291 new listings taken in the Zone were down slightly (1.0%) compared to 294 in April 2014. Overall inventory dipped 8.0% to 1,466 from 1,571 last year at this time.

Whether you are selling or buying a home, a professional REALTOR® who is familiar with the area and your particular neighbourhood can assist with searching, listing, negotiating and closing. The key to a successful sale is being realistic about the market value of your home and willing to negotiate for the best offer. How REALTORS® can help when buying or selling a home in the Okanagan-Shuswap:

• BUYING OR SELLING – Home values vary based on type and location: Talk to a REALTOR® about how your property type is currently faring locally, and how it compares to similar listings in your particular neighbourhood.

• SELLING – Pricing is crucial when listing your home: Serious sellers recognize that their properties must be priced within the current market conditions. Homes that are priced well are the ones that are selling, as has been evident this year. • NEGOTIATING – For a successful purchase and sale: The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale.

The Okanagan Mainline Real Estate Board is comprised of 1,050 member REALTORS® and 91 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.

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®, check out www.howrealtorshelp.ca. All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines 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

DOWNLOAD: Click here for PDF of this release.

For more information:

Christopher Miller, OMREB President (Board-wide statistical information) christophermiller@shaw.ca (250) 860-1100

Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist (Province-wide stats information) cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796

Jan Bauman, OMREB Communications jbauman@omreb.com (250) 491-4560, Ext 224