For Immediate Release: May 9th, 2016
Okanagan Housing Market Smashes Record
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports an all-time record of 1,069 residential sales posted to the Multiple Listing Service (MLS®) in April, up 34.3% from the same month last year. The previous record was 1,015 unit sales recorded in May 2007. The average MLS® residential price was up 13.4% to $459,595 compared to April 2015. The dollar volume of residential sales climbed 52.3% to $491.3 million compared to April of last year.
“Housing demand in the Okanagan is exceptionally strong this spring,” said Anthony Bastiaanssen, OMREB President and active REALTOR® in the central Okanagan. “In addition to an increase in the number of local buyers, relocations from the Lower Mainland and other regions of Canada are becoming increasingly common.”
Underpinning a high level of consumer confidence is the province’s enviable position as the best performing economy in the country, along with the attendant employment and wage growth, as well as a growing population bolstered by migrants from other provinces.
“Record consumer demand combined with the fewest active residential listings since 2007 has created sellers’ market conditions in many neighbourhoods and across most home types,” added Bastiaanssen. “This imbalance is leading to upward pressure on home prices in the region.”
OMREB’s three diverse markets – Central Okanagan, North Okanagan, and Shuswap-Revelstoke – have different sales activity and prices, with supply and demand varying among property types at different times and locations, with ups and downs experienced zone-by-zone and month-by-month.
In order to fully understand the current residential market, and to look at trends within property types and varying price points in different neighbourhoods, it is important to consult with a REALTOR®.
Central Zone (Peachland to Lake Country): Transactions of all property types in the Central Zone were up 47.7% to 821 units compared April 2015.
Total residential sales for the month were up 39.9% to 743 units compared year ago levels. The sale of single family homes increased 31.2% to 383 units over the same period.
Average number of days to sell a single family home in the Central Okanagan in April was 50 days, down from 63 days in April 2015. The 932 new residential listings taken in the Central Okanagan during the month were down 6.4% from a year ago, while new single family listings were up 11.5% to 496 units over the same period.
New Listings 173
Current Inventory 424
Sell/Inv. Ratio 38.21%
Days to Sell 51
Average Price $279,372
Median Price $255,000
New Listings 137
Sell/Inv. Ratio 38.60%
Days to Sell 66
Average Price $391,572
Median Price $367,900
New Listings 60
Current Inventory 451
Sell/Inv. Ratio 13.53%
Days to Sell 139
Average Price $272,492
Median Price $194,991
New Listings 496
Sell/Inv. Ratio 43.62%
Days to Sell 50
Average Price $563,775
Median Price $528,000
Ratio of Sales vs Inventory 37.26%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe
The Okanagan Mainline Real Estate Board is comprised of 1,093 member REALTORS® and 91 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.
For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at: www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR® , check out www.howrealtorshelp.ca.
All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com