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Real Estate  

Property sales highest in 9 yrs.

September was a record month for real estate sales, they reached their highest point in nine years. According to the Okanagan Mainline Real Estate Board (OMREBA) numbers improved by 32 per cent over the same period last year across the Okanagan.

This is especially true in the Central Okanagan, which saw a 36 per cent improvement in overall sales compared to 2013, while both the North Okanagan and Shuswap saw a 25 per cent improvement in overall sales.

OMREB president Darcy Griffiths says the rise in summer sales activity has continued into the fall with improvements across the board, when compared to numbers from 2013.

“Reflecting the renewed consumer confidence and demand that began to unfold in the spring, the Okanagan-Shuswap housing market has maintained a strong upward year-over-year and month-over-month sales trajectory since April,” she says.

“Conditions in the Central Okanagan are in seller’s market territory with more demand than supply in some areas – especially in homes priced below $500,000 where inventory is short – and a buyer’s market in the higher price category.”

Overall sales of all property types from Peachland to Revelstoke realized an almost 32 per cent improvement in September, with 871 units changing hands last month. That continues the hot trend that has seen a 26.8 per cent improvement in sales since the beginning of 2014.

The Central Zone (Peachland to Lake Country) has seen 552 units exchanged with an 38 per cent improvement in total residential sales.

A total of 188 units changed hands in the North Zone (Predator Ridge to Enderby) while 131 units in the Shuswap Zone (Salmon Arm to Revelstoke) were bought and sold.

“Despite tightening supply, the price of single family homes is fairly stable in most areas, and mortgage rates remain at historic lows, so there are great opportunities for buyers and sellers to get into the market,” Griffiths says. 

“If you are looking to buy and find the right house, make an offer now as fewer new listings are coming on.  If you are looking to sell before winter sets in, now is the time to list while prices are strong, the demand is high and inventory low."

The Okanagan Mainline Real Estate Board is comprised of 1,027 members and 96 real estate offices in the Southern Interior of BC.

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