Spring Home Sales Higher

May 13, 2014 | Market News

The South Okanagan Real Estate Board Reports Higher Sales

The South Okanagan Real Estate Board reported a total of 488 residential sales so far this year across the board area, up 46% from the same period in 2013. Oliver’s sales were up 51% for a total year to date residential sales of 44. In Osoyoos, there were 53 sales, up 65% from 2013.
In Oliver 13 single family homes sold in April for a total year to date of 32 sales. This compares to 5 single family sales in April 2013 and a total year to date last year of 11. The average single family home sold for $299,301. So far this year, there have been 8 mobile home sales and 4 condo/townhome sales. At the end of April there were 163 active residential listings.
In Osoyoos, 15 single family homes sold in April for a total year to date of 36 homes. This compares to 4 sales in April 2013 and a total year to date sales last year of 12. The average sale price of a single family home sold this year is $328,056. So far this year, there have been one mobile home sold and 16 condo/townhomes sold. At the end of April this year there were 341 active residential listings.
Across the Province, the British Columbia Real Estate Association (BCREA) reports that a total of 7,730 residential sales were recorded by the Multiple Listing Service® (MLS®) in April, up 12 per cent from April 2013. Total sales dollar volume was $4.3 billion, an increase of 19 per cent compared to a year ago. The average MLS® residential price in the province rose to $561,613, up 6.3 per cent from the same month last year.
“BC home sales trended higher in April as the typically robust spring market unfolds,” said Cameron Muir, BCREA Chief Economist.
If you would like to talk about how the current market conditions effect your plans, feel free to give me a call for a free consultation.

BCREA April Real Estate Update

Apr 17, 2014 | Market News

Good news!

The real estate market has picked up throughout the Province including here in the South Okanagan.

https://www.youtube.com/watch?v=nYDEut8hV5o&list=UUiK9hex2u-kM7UHOXGVboZw

British Columbia Home Sales Edge Lower

Mar 14, 2014 | Market News, Real Estate 101

BC Real Estate Association Home Sales Report

The BC Real Estate Association is reporting that the number of residential home sales across the province in February were up almost 25% over February of last year. However, the number of sales has fallen over January of this year.

BCREA has this to say about the market conditions:

“Consumer demand was much stronger in February compared to a year ago, but edged lower compared to January,” said Cameron Muir, BCREA Chief Economist. “Weak employment growth in 2013 has limited home sales so far this year to long-term average levels.”

“Record low mortgage interest rates and population growth continue to underpin the housing market and most regions of the province are at or near balanced market conditions,” added Muir.

Locally, year to date sales in the South Okanagan Real Estate Board, to the end of February, were up by almost 65% over the same period last year. Also significant is a reduction in inventory from 1526 active residential listings as at February 28, 2013 compared to 1436 at the end of February this year.