OMREB sales figures optimistic

The Okanagan Mainline Real Estate Board says the upswing in property sales is a reflection of a continuing uphill climb in sales volumes.

The Okanagan Mainline Real Estate Board  reports various property type sales improved for August 2012 compared to the same month for the previous year.

OMREB says the upswing is a reflection of an uphill climb in sales volumes that began in April.

“The Okanagan-Shuswap market has been on the upswing this year, particularly during the second and third quarters,” said North Okanagan realtor Rob Shaw, the OMREB president.

“Surprisingly, sales in August rose despite the hot weather that typically keeps potential buyers and sellers in summer vacation mode.

“The ongoing improvement we’ve seen during the past five months (April through August) is a trend that we look forward to carrying on into the fall. While we are happy with the positive numbers and things are looking up compared to 2011, the market is still tight as buyers are very price sensitive,  looking for bargains and taking their time to make decisions.

Shaw said the The Central Okanagan and Shuswap lead the growth in sales for the month with overall units sold up 30 and 29 per cent respectively  from August 2011, while sales in the North Okanagan rose 21 per cent over last year.

“During August, single family residential sales in the North Okanagan showed the most growth with a 63 per cent gain over last year at this time, followed by a 45 per cent improvement in townhouse sales in the Central Okanagan,” Shaw said.

“Year-to-date, total residential sales improved over last year throughout the board area with the North Okanagan leading the way—up 13 per cent, followed by 12 per cent in the Central Okanagan, and nine per cent in the Shuswap.”

Regional breakdown

Peachland to Revelstoke:

Overall sales  improved by 27.3% during the month of August compared to 2011 (to 629 from 494) but slipped 1.7% from the 640 units sold in July.

Year-to-date unit sales increased 11.5% over the first eight months of 2011 (to 4,416 valued at $1.62 billion from 3,960 at $1.48 billion).

While inventory in August was down slightly (-0.8%) from this time last year at 9,618 units compared to 9,698, the 1,371 new listings taken for the month dropped 2.9% from 1,412 in 2011.

Peachland to Lake Country

Overall sales in the Central Zone climbed 29.5% and sales volumes jumped 42.0% for August —to 395 units valued at $172.1 million compared to 305 at $121.2 million in 2011.

Total residential sales for the month were up 29.2% compared to 2011 —to 358 at $160.1 million from 277 at $116.7 million.

Single family home sales rose 27.1% compared to last August (to 183 units from 144), while townhouse sales showed the most year-over-year improvement this month at 45.0% (to 58 units from 40 in August 2011).

Year-to-date sales to date for 2012 (January through August) totaled 2,872 units valued at $1.1 billion, a 12.5% improvement over 2,553 at $1.0 billion last year.

While the 852 new listings added rose 2.4% over 832 in August 2011, inventory for the month dipped 1.9% to 5,082 units compared to 5,179 last year.

The Okanagan Mainline Real Estate Board is comprised of 1,072 member realtors and 95 real estate offices in the Southern Interior of B.C.

The board area covers the Central Okanagan, North Okanagan and Shuswap—from Peachland to Revelstoke.

For  more information see the website

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