OMREB: “Okanagan-Shuswap Housing Market Posts Strongest May Unit Sales in Seven Years” Jun, 13 2014 Posted by : admin
A highlight of the report from the Okanagan Mainline Real Estate Board:
The Okanagan Mainline Real Estate Board (OMREB) reported May sales activity of all MLS® property types were up 31% compared to the same month in 2013 – posting a 25% improvement over April and the strongest unit sales for May since 2007.
“Spring sales activity in the Okanagan-Shuswap is much stronger than in previous years. Following five months of steady growth in sales with inventory down despite listings being up, OMREB has moved firmly into balanced market conditions,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan.
Low mortgage rates and competition among lenders are continuing to support higher levels of consumer demand this spring. Increased purchases at the higher price ranges suggest continued improvement in consumer confidence is well under way in our Board area. Accelerating market and employment conditions in Alberta, combined with an unfavourable US exchange rate, are pushing recreation buyers back into the Okanagan-Shuswap.
Central Zone (Peachland to Lake Country): During May, overall sales in the Central Zone were up 24.0% — to 594 units from 479 in 2013. Total residential sales for the month improved 23.0% to 545 units compared to 443 last year at this time. The sale of single family homes was up 12.3% over May 2013 (to 293 from 261).
The 1,145 new listings taken in the Central Okanagan during the month saw a 6.3% rise compared to 1,077 in 2013, and total inventory was reduced by 13.8% to 4,078 units from 4,732 last May.
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