Following a slight decline, the local housing market is dealing with the heat of summer.
The Okanagan Mainline Real Estate Board (OMREB) reported July 2013 sales activity of all MLS property types improved over the same month last year but was down slightly from June.
“Following a fairly flat first quarter, the Okanagan-Shuswap has experienced a steady year-over-year increase in sales during the past four months. While some segments are heating up and seeing a turnaround in consumer demand compared to last year at this time – echoing stronger activity province-wide – overall market conditions are still stabilizing in our board area,” said Karen Singbeil, realtor in the Shuswap Zone and OMREB President.
“July is typically slower than June, and even more so this year, as some areas have seen more impact than others from the Alberta floods – especially the recreation market in the Shuswap and the investment condo market in the Central Okanagan – segments that have also been affected by tighter credit conditions.”
The North Okanagan saw a slight decline in July sales activity, which is more typical of the summer months.
“Prices within some property types, such as recreational waterfront in the Shuswap, have seen significant adjustments,” said Singbeil.
Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s board area during July improved by 12.4 per cent compared to 2012 – to 716 units from 637. Total residential sales for the month rose 12.5 per cent to 640 units compared to 569 in July 2012.
New listings taken board-wide for the month dipped 3.5 per cent with 1,472 listings posted compared to 1,525 last July, and inventory was down 8.8 per cent over this time last year – to 8,976 from 9,846.
North Zone (Predator Ridge to Enderby): Overall sales for July showed a nominal decline over last year at this time – down 2.7 per cent to 144 units from 148 in 2012. Year-to-date, sales were on par with the first seven months of 2012, dipping slightly (1.5 per cent) to 868 from 881.
Total residential sales for the month were down 3.8 per cent over last year to 128 units from 133. While inventory for July dropped 7.2 per cent to 2,507 from 2,702 in 2012, the 344 new listings taken for the month declined 9.2 per cent from the 2012 level (379).
“Now is a great time to buy in the Okanagan-Shuswap while there is still a good selection of properties and opportunities to get into a home or recreation property at an attractive price,” said Singbeil.