Housing Sales Continue to Improve as Market Shows Signs of Stability

Madeline Milne — Fri, 10 Jul 2009 21:43:49 +0000

Kelowna, BC - July 9th, 2009 The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2009 sales activity of all MLS® property types continued to improve with a total of 438 sales – increasing by 15% from 381 sales in May and up 23% from 356 units sold in June 2008. While single family residential units sold in May increased by 16% from June, sales improved by 35% from this time last year – up from 189 units to 220 in June compared to the 163 single family units sold in June 2008.

“The year-over-year sales activity improved significantly this month and unit sales remain relative to 2000/2001 levels. Signs of greater market stability are helping to stabilize prices as we slowly move towards more balanced conditions,” says Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone. “Improved affordability and low mortgage rates are pushing unit sales higher and reducing inventory as first-time buyers continue to enter the market. However, banks are tightening up qualifications for financing and there is only so much home a first-timer can buy.

“While we are still lagging behind the Lower Mainland where the condo market is recovering faster and the change of ownership is creating a lot of activity as sellers move out and up, we could see similar movement in the coming months,’” she adds, “especially as BC – the Okanagan in particular – continues to attract retirees, the largest demographic. The overall market is expected to strengthen once consumer confidence comes back and buyers are more comfortable with their personal economic situations.”

Moshansky notes, “If a home is priced well, it will sell. The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers.”

Okanagan Market Stats

Housing Sales Continue to Improve as Market Shows Signs of Stability