Real estate activity soars in the North Okanagan

Overall sales for November improved 10.1 per cent to 120 units compared to 109 units

More property continues to be sold throughout the North Okanagan.

Overall sales for November improved 10.1 per cent to 120 units compared to 109 units sold last year at this time.  Total residential sales for the month were up 11.2 per cent over last year, with 99 units sold compared to 89.

“The North Okanagan leads the way in sales,” said Darcy Griffiths, Okanagan Mainline Real Estate Board president and a Vernon realtor.

There were 57 single-family home sales in the North Okanagan in November, a 26.7 per cent increase from 45 units in November 2013.

The 191 new listings taken for November were up 9.1 per cent from the 2013 level of 175.  Inventory for November saw an 8.9 per cent decline to 1,791 from 1,966 last year at this time.

Year-to-date, total unit sales throughout the North Okanagan improved by 28.8 per cent over last year (to 1,878 units from 1,458).

Single family home sales are up 33 per cent compared to 2013 (to 971 units from 730), while the sale of townhouses rose by 16.8 per cent (to 243 from 208) and apartments by 27.5 per cent (to 116 from 91).

“Being realistic about the market value of your home and willing to negotiate for the best offer is the key to a successful sale,” said Griffiths.

“The competition for buyers can still be a challenge for sellers if properties are not priced attractively from the start.”

For the OMREB area from Peachland to the North Shuswap, overall sales of all property types in November improved by 3.9 per cent compared to 2013  (to 527 units from 507).

Total residential sales for the month board-wide remained the same as last November (455 units board-wide) but were up 12.7 per cent year-to-date (7,167 units compared to 6,358 in 2013).

The 888 new listings taken board-wide for November were up 2.8 per cent compared to the 864 listings posted in November 2013, while inventory (active listings) declined 12.6 per cent over this time last year – to 6,234 from 7,131.

“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,” said Griffiths.

“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.”