Strongest November Home Sales in Ten Years
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports that MLS® residential sales for the month of November were up 21% from a year ago to 548 units. More homes were sold in the Okanagan last month than in any November since 2005 when 560 home sales were recorded.
“Strong consumer confidence has translated into elevated housing demand,” said Christopher Miller, OMREB President and active REALTOR® in the Central Okanagan. “More homes traded hands by the end of November in the Okanagan than in all of 2014.”
Robust employment growth and rising wages in the province are helping to underpin housing demand and drive increased migration to BC from other provinces, most notably from Alberta. Historically low mortgage interest rates and an increasingly diversified housing stock are also contributing to home ownership options in the Okanagan.
“The inventory of homes for sale was down nearly 9% in November compared to the same month last year. With fewer homes for sale in many neighbourhoods, potential home buyers are now facing increased competition for the best properties,” said Miller.
Within OMREB’s three diverse markets – Central Okanagan, North Okanagan, and ShuswapRevelstoke areas – sales activity and prices, and supply and demand tends to vary among property types at different times and locations, with ups and downs experienced zone-by-zone and monthby-month.
“The Central Okanagan and Shuswap markets have exhibited relative strength this year, while housing demand in the North Okanagan has edged lower in its performance compared to the past year, 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 November, overall sales of all property types in the Central Zone were up 17.5% with 389 units compared to 331 in 2014. Year-to-date sales activity increased by 7.7% compared to the same period last year (January through November) to 5,448 units from 5,060 in 2014.
Total residential sales for the month rose 20.4% to 348 units compared to 289 in 2014, and was up by 9.7% year-to-date (to 5,062 from 4,614). The sale of single family homes was up 5.5% over last November (to 154 from 146) and was up 7.6% year-to-date (to 2,542 from 2,362).
Average days to sell a single family home in the Central Okanagan in November was 74 days compared to 75 in 2014, while year-to-date averaged 65 days compared to 73 during the same eleven-month period last year.
New Listings 98
Current Inventory 432
Sell/Inv. Ratio 21.06%
Days to Sell 90
Average Price $260,563
Median Price $236,000
New Listings 90
Sell/Inv. Ratio 19.26%
Days to Sell 65
Average Price $372,025
Median Price $336,000
New Listings 47
Current Inventory 442
Sell/Inv. Ratio 4.75%
Days to Sell 137
Average Price $372,025
Median Price $225,000
New Listings 230
Sell/Inv. Ratio 18.67%
Days to Sell 74
Average Price $519,966
Median Price $468,250
Ratio of Sales vs Inventory 20.61%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe
For more information and up-to-date market stats, contact Amanda Westrheim atwww.AOKHOMES.ca or call 250-863-9230 or email at Amanda.Westrheim@Century21.ca