Shorestone News

Real Estate Market Report – 2014 January Mar, 04 2014 Posted by : admin

Real Estate Market Report – 2014 January
Source: OMREB Okanagan Mainline Real Estate Board

Real Estate Sales are up 33% year over year (December 2012 vs 2013).
Reports show that December 2013 saw 253 Solds as compared to 190 Solds in the same month of 2012! That’s a substantial increase that points to a renewed confidence in the marketplace. January saw a good start to 2014 as the housing market in the Okanagan continues to strengthen and maintain a steady upward trend despite sales at cyclical lows this time of year. Inventories are lower which levels the field as far a supply and demand and should give us a healthier real estate market overall.

UNIT SALES
253 Units in December 2013                         January 2014: 233
190 Units in December 2012 (up 33%)          January 2013: 220 (up 5.9%)

MEDIAN PRICES
Single Family Residential – $432,500
Townhouse – $354,500
Condo – $202,000
Lot – $180,000 ($215,000 in Dec.)

Mainland were their activity continues to be sluggish in most Greater Vancouver markets. Our lower prices, continuing record low interest rates, and the strength of the prairie markets has a positive impact for real estate sales in our area. Also, as the sunbelt ares of the US continue to stengthen with monthly price increases, many buyers for second homes are looking to the Okanagan once again.
-Shannon and Tamara Stone, Re/Max Kelowna

NEW MLS LISTINGS

December 2013: 342                  January 2014: 762

Homes sales through the Okanagan (Kelowna, Vernon, Penticton) region are forecast to rise 1.8% this year (OMREB)

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