Demand outweighs inventory

Photo: The Canadian Press

The real estate market continues to hum along in the Okanagan, with sales activity in November up four per cent over last year.

It has shown no signs of slowing down as we get ready to enter 2015, with year-to-date improvement already up 24 per cent compared to 2013.

“While an early cold snap dampened sales activity last month and demand edged back after accelerating for most of the year, Okanagan-Shuswap home sales have already outperformed 2013 and we will finish the year off on a positive note,” says Darcy Griffiths, OMREB President.

“We experienced an extraordinarily busy summer and fast paced fall, and are now moving into the holiday season when activity typically slows down as winter sets in.”

The North Okanagan lead the way in November, with a 10 per cent improvement over the same time last year. That was followed by small growth in both the Central Okanagan (three per cent) and the Shuswap (one per cent).

The north zone also saw a 27 per cent rise in single family residential sales compared to last year, with levels remaining the same in the Shuswap and declining by eight per cent in the Central Okanagan.

“We are seeing more balance in our board area, but conditions in the Central Okanagan are still somewhat split between balanced and sellers’ markets with more demand than supply for homes priced below the $500,000 mark due to declining inventory,” Griffiths says.

“The North Okanagan market remains stable for both buyers and sellers, while the best value for buyers is in the Shuswap.”

She also reports that active listings have been on the decline for the past eight months and are currently 13 per cent lower than last November, meaning there have not been enough new listings added to keep up with demand.