April 2019 Market Statistics

MEDIA RELEASE

For Immediate Release

Spring Brings Hustle to Real Estate Market

KELOWNA, B.C. – May 2nd, 2019. Residential sales across the region of Revelstoke to Peachland totaled 707 in April, up from March’s 545 sales and just 5% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).

“While spring is usually hustle and bustle, we were curious about what would happen in the market this year, given the relatively slow lead-up and government measures to cool demand,” comments OMREB President Michael Loewen, adding “April’s indicators suggest our market may not be dampening as much as markets elsewhere.”

April’s average price, at $531,105 was just 4% higher than March and 3% lower than this time last year. A closer look shows single-family pricing tracking at just 4% lower than this time last year, with townhouse pricing pretty much on par and condominium pricing at 15% lower.

“It’s not surprising to see the largest price shift occurring in the condo market, given how much new product has come on-stream and the focus on delivering compact, affordable units,” says Loewen.

Days on market, or the average time it takes to sell a home, was 78 days in April, fewer than March’s 92 days, yet more than last April’s 65 days.

Housing supply continues to be chronically short, despite new listings helping achieve a 26% increase in the amount of homes available for purchase over this time last year. “We are in dire need of a sustainable supply of affordable housing, as continued shortages hurt the rental market when potential buyers are forced to stay renting and add unnecessary market volatility,” contends Loewen.

“Governments can play a significant role in solving the affordable housing problem by focusing on more than just cooling demand and, instead, helping facilitate responsive development of a range of housing to suit a variety of population needs.”

Loewen notes growing sentiment that the stress test may now be doing more harm than good, but points to measures such as the Canadian government’s recent budgetary measures to help first-time buyers as indication that government has some awareness of the problem. 

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com. MEDIA RELEASE -30- For more information, please contact: Board-wide statistical information: Email media@omreb.com 

Central Okanagan

Condo/Apt
Sales 100
New Listings 259
Current Inventory 618
Sell/Inv. Ratio 16.18%
Days to Sell 66
Average Price $409,629
Median Price $373,750

Condo/Townhouse
Sales 80
New Listings 179
Inventory 433
Sell/Inv. Ratio 18.48
%
Days to Sell 72
Average Price $471,881
Median Price $481,500

Lots
Sales 11
New Listings 60
Current Inventory 489
Sell/Inv. Ratio 2.25%
Days to Sell 165
Average Price $353,250
Median Price $325,000

Residential
Sales 191
New Listings 493
Inventory 1,153
Sell/Inv. Ratio 16.57%
Days to Sell 62
Average Price $695,659
Median Price $635,000

Ratio of Sales vs Inventory 14.54%

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 at www.-Agent-Amanda.com or call 250-863-9230 or email at Amanda.Westrheim@Century21.ca

Amanda Westrheim

Amanda Westrheim

REALTOR®
CENTURY 21 Assurance Realty Ltd.
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