News

OCTOBER REAL ESTATE STATISTICS

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported

October 2013 sales activity of all MLS® property types have continued to improve since early this year, and are up 20% compared to last year at this time.

This market can be challenging for sellers and buyers alike. Rising home sales combined with a downward trend in active listings have improved overall housing market conditions in the Okanagan and Shuswap, yet we remain firmly in buyers’ market territory.

Make no mistake, this is a very competitive marketplace we are in. Successful home sellers set competitive asking prices out of the gate and buyers face their own challenges including interest rates creeping up and less flexible lenders.
 

Sales activity tends to vary among property types zone-by-zone, due to the divergence in OMREB’s three market areas. Unit sales have strengthened but you have to look at prices within property types and sale price trends within different price points to fully understand the overall picture of the current residential market.

Home values vary based on type and location, so it is important to consult with a REALTOR® about how your property type is currently faring locally, and more significantly, how it compares to similar listings in your particular neighbourhood.

Pricing is crucial when listing your home. Serious sellers recognize that their properties must be priced within the current market conditions in order to obtain a successful sale, as has been evident this year. The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale.

/files/October2013StatReport.pdf