MEDIA RELEASE For Immediate Release: January 7, 2015
Record December Housing Demand Leads to Near Record Year
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports that MLS® residential sales posted a record for the month of December at 444 units, up 6.7% from December 2014. Last month’s results contributed to 2015 being the busiest year since 2007, when a record 8,702 annual transactions were counted. A total of 7,988 residential sales were recorded for 2015, up 6.2% from the 7,525 sales in 2014.
“Considerable momentum has built up in the Okanagan housing market,” said Christopher Miller, OMREB President and active REALTOR® in the Central Okanagan. “The exceptionally strong pace of December home sales will likely translate into a strong market in first half of 2016.”
Strong provincial economic growth is generating relatively robust employment growth and rising wages, and contributing to a net inflow of migrants from other provinces. Historically low mortgage interest rates are also expected to continue underpinning housing demand.
“The inventory of homes for sale is now down over 10% from a year ago, with fewer homes on the market this winter than at any time since 2007. Home sellers that list early this year can take advantage of the tight market conditions,” said Miller.
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.
“The Central Okanagan and Shuswap markets have exhibited relative strength this year, while housing demand in the North Okanagan has edged lower largely as the result of a weaker Alberta economy,” added Miller.
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): During December, overall sales of all property types in the Central Zone were up 10% with 341 units compared to 331 in 2014. During 2015, sales activity increased by 7.8% compared to 2014, with 5,448 units sold from 5,060 in 2014.
Total residential sales for the month rose 15.8% to 316 units compared to 273 in 2014, and was up by 10% in 2015 to 5,376 units from 4,887 units in 2014. The sale of single family homes was up 9.2% over December 2014 (to 154 from 141) and was up 7.7% over the entire year to 2,695 from 2,503 in 2014.
Average days to sell a single family home in the Central Okanagan in October was 71 days compared to 86 in 2014, while year-to-date averaged 65 days compared to 74 during the 2014.
The 376 new listings were taken in the Central Okanagan during the month was up 8.7% from the 310 units recorded in December 2014.
How REALTORS® can help when buying or selling a home in the Okanagan-Shuswap:
• BUYING OR SELLING – Home values vary based on type and location: Talk to a REALTOR® about how your property type is currently faring locally, and how it compares to similar listings in your particular neighbourhood.
• SELLING – Pricing is crucial when listing your home: Serious sellers recognize that their properties must be priced within the current market conditions. Homes that are priced well are the ones that are selling, as has been evident this year.
• NEGOTIATING – For a successful purchase and sale: The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale.
New Listings 67
Current Inventory 347
Sell/Inv. Ratio 21.61%
Days to Sell 95
Average Price $257,377
Median Price $244,000
New Listings 37
Sell/Inv. Ratio 22.89%
Days to Sell 86
Average Price $368,228
Median Price $377,000
New Listings 58
Current Inventory 398
Sell/Inv. Ratio 4.27%
Days to Sell 256
Average Price $323,381
Median Price $295,000
New Listings 132
Sell/Inv. Ratio 23.73%
Days to Sell 71
Average Price $508,627
Median Price $463,125
Ratio of Sales vs Inventory 24.12%
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