Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April 2012 sales activity of all MLS® property types were up compared to the same month last year and have improved over the first four months of 2011, as the housing market 
remains steady and continues to see modest gains.
“Okanagan‐Shuswap home sales saw gradual improvement during April,” says OMREB President. “We continue to see up and down fluctuations in each Zone as there are a lot of dynamics in our area – depending on the community, housing type and price point. Now more than ever, it is important for anyone thinking of buying or selling to ask their REALTOR® how their property type is currently faring in the overall market and, more significantly, in their particular neighbourhood.“
OMREB President notes, “In April, sales were the strongest in theNorth Okanaganwith a 30% improvement over 2011 and single family homes saw the most significant gain with a 48% increase in units sold. Overall sales for the month also picked up 18% in the Shuswap, and lot sales jumped significantly over April 2011 – from 2 to 8. In the Central Okanagan, it is encouraging to see a 26% rise in the number of lots sold year‐to‐date compared to the first four months in 2011. The bump‐up indicates that builders and developers are purchasing land in our Board area, and more lots are being listed and added to the inventory.”
Overall sales in the Central Zone for the month rose 5.3% to 341units compared to 324 in April 2011, while sales volumes improved 17.0% at $140.9 million compared to $120.6 million. Total residential sales for April were up 8.1% to 321 units compared to 297 sold last year, and improved 1.9% over 315 in March. Single family home sales (179 units) jumped 11.9% compared to last April (160) – a 7.2% improvement over last month (167 in March). Apartment sales for the month showed a 23.5% gain over last year (to 63 from 51 units). While the number of townhouses sold in April were similar to 2011
(49), this segment improved 28.9% compared to March (38).Lotsales year‐to‐date were up by 26.3% to 48 ($10.4 million) compared to 38 in 2011 ($7.7 million). Inventory for the month rose 2.3% over 2011 (to 4,943 units from 4,834), and the 1,044 new listings added were up 1.4% from the 1,030 last year at this time.
“The market is definitely up over last year,” says OMREB President. “We are seeing modest improvements in sales and small gains in overall demand, and are confident the outlook for the rest of spring and early summer is good – especially with interest rates expected to remain low and keep affordability at an even keel for at least the next quarter or so. TheAlbertaeconomy is looking better so we could see some spill‐over into BC with perhaps more activity in the new home and recreation markets sparked by recently introduced government incentives.”
With significant active inventory plus the expected seasonal increases in listings, and the demand for housing growing at a slow but steady rate reflective of the economy and employment, Shaw notes that prices are holding steady in most segments in the Board area.
“Working with a real estate professional to understand current local market conditions and to provide comparisons specific to your neighbourhood is essential as home values vary based on property type and location. Pricing continues to be of utmost importance when selling a home. Consult with your REALTOR® to make sure your pricing is strategic and reflective of the current values in your area. Remember that serious buyers are motivated by well‐priced properties with great curb appeal and room to negotiate.”
It is important to have realistic expectations when buying or selling a house, OMREB President adds. “Buyers and sellers must agree to come together if they are serious about closing the deal.”
