Home Sales Climb Higher in the Okanagan
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports that 572 MLS® residential sales were recorded for the month of February, up 24.9% from February 2015. Last month posted the most February home sales since 2008, when 575 transactions were recorded. The average MLS® residential price was up 6.2% to $425,475 compared to February 2015.
“Consumer demand has surpassed expectations so far this year,” said Christopher Miller, OMREB President and active REALTOR® in the Central Okanagan. “Strong consumer confidence has more than offset any negative sentiment from the collapse of oil prices. In fact, home sales across the region are trending near a record pace.”
BC’s enviable position as Canada’s strongest performing economy isn’t being lost on consumers. Relatively robust employment growth and rising wages are adding to the underlying fundamentals of low mortgage interest rates, an expanding population and an expected banner year for Okanagan tourism.
“The inventory of homes for sale is down 15% from year ago levels,” said Miller. “Adjusted for seasonal effects, there are now fewer homes on the market than at any time in the last eight years.”
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.
“Market conditions are favouring home sellers in many Central Okanagan and Shuswap neighbourhoods, while the North Okanagan is now exhibiting relative balance between supply and demand,” 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): Transactions of all property types in the Central Zone were up 18.2% to 448 units compared February 2015.
Total residential sales for the month rose 19.7% to 414 units compared year ago levels. The sale of single family homes climbed 7.8% to 194 units over the same period.
Average number of days to sell a single family home in the Central Okanagan in October was 66 days, down from 81 days in February 2015.
The 742 new residential listings that were taken in the Central Okanagan during the month were down 4.8% from a year ago, while new single family listings were down 9.6% to 369 units over the same period.
New Listings 164
Current Inventory 418
Sell/Inv. Ratio 20.81%
Days to Sell 67
Average Price $309,694
Median Price $257,000
New Listings 108
Sell/Inv. Ratio 30.22%
Days to Sell 85
Average Price $366,154
Median Price $364,900
New Listings 49
Current Inventory 425
Sell/Inv. Ratio 4.00%
Days to Sell 150
Average Price $262,041
Median Price $218,900
New Listings 369
Sell/Inv. Ratio 24.34%
Days to Sell 66
Average Price $552,761
Median Price $519,500
Ratio of Sales vs Inventory 24.20%
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