Home Sales Continue to Rebound

The Central Zone of the Okanagan Mainline Real Estate Board reported December 2009 sales activity of all MLS property types improved over 2008 and the early part of 2009 as the market continues on a steady road to recovery.

“If the last six months have been any indication, we are on our way to more balanced and sustainable market conditions in 2010 as sales continue to rise and inventories drop. This is good news for buyers as well as for sellers,” says Brenda Moshansky, OMREB Director and Realtor in the Central Zone.

“The first part of 2009 was very slow, but activity picked up significantly during the last half compared to the downward trend experienced in late 2008.”

Total sales of 241 units jumped 99% in December from the 121 sold in December 2008.

However, due to the typically slow holiday season, there was a 25% drop from the 324 sold this November.

Residential units sold showed an 84% improvement over last year (214 from 116) – a 19% dip from last month (266).

Sales of single family units were up 65% over last year (109 from 66) but down 20% from November (137).

Townhouse and apartment sales improved 100% (30 townhouses sold compared to 15) and 154% (56 apartments from 22) over last December.

“While it is taking longer to sell a home, inventory is coming down considerably and bringing more balance into the Central Okanagan market. By the end of 2009, median and average prices averaged out to a decrease in the 7% range. Prices have pretty much stabilized and are expected to increase moderately over the next few months.”

“Low mortgage rates, strong consumer confidence and an economy that is growing again will positively influence the housing market in 2010 – continuing to drive purchases for first-time buyers, and enticing potential investors and recreation property buyers to consider returning to the Okanagan.”