Real estate now a sellers market

New listings have fallen during five of the last six months with total inventory in the board area down 11 per cent compared to August 2013.

Housing sales are on their way up in the Central Okanagan.

The Okanagan Mainline Real Estate Board reported August sales activity of all MLS property types improved by 23 per cent compared to the same month in 2013 with buyer activity building significant momentum over the summer.

“Year-over-year and month-over-month, the Okanagan-Shuswap housing market continues to strengthen and has maintained a strong upward sales trend for the past six months as we make steady strides toward recovery,” said Darcy Griffiths, OMREB president and North Okanagan realtor.

“More buyer activity in the higher price range reflects the renewed confidence of B.C. consumers as our provincial economy improves and the return of Alberta buyers as they cash in on booming job opportunities and accelerated market values in their province.”

Conditions in the Central Okanagan are now in sellers’ market territory, with more demand than supply in some areas—especially homes priced below $400,000—and a buyers’ market in the higher price categories.

New listings have fallen during five of the last six months with total inventory in the board area down 11 per cent compared to August 2013, resulting in levels similar to those last seen in 2008 when active listings were particularly tight.

 

Kelowna Capital News