December 2018 Market Statistics

For Immediate Release

 

December’s Residential Market Poses No Surprises

KELOWNA, B.C. – January 3rd , 2019. Residential sales posted to the Multiple Listing Service (MLS®) for the Peachland to Revelstoke region declined to 324 in December, a 29% decrease from both the previous month and this time last year.

“No surprise, the market is doing what it tends to do this time of year with all indicators pointing to a generalized slow-down,” says OMREB President Marv Beer, adding “Unlike last December, both average price and days on market stayed on trend with average price lower and days on market higher than last month and last year.”

Average price, at $504,581, was 3% lower than November’s price and 3% lower than this time last year. Average days on market increased to 99, compared to 91 in November and 79 last December. New listings were 426 compared to 465 last December, contributing to an inventory of homes for sale that remains 35% higher than this time last year.

“Looking to 2019, we can expect that the market will continue to moderate, as compared to recent years, with all signs pointing to more balanced conditions where buyers and sellers are benefitted more equally. Demand is dampening as a result of government policies that erode affordability and purchasing power, yet these effects are continuing to be offset by relatively strong economic performance,” comments Beer.

Beer makes note of the impending speculation tax as another shift on the horizon for 2019. While the tax only affects homes in Kelowna and West Kelowna at this time, it is expected to impact about 1800 Kelowna properties and 600 in West Kelowna.

The relative make-up of home buyers in the region stayed constant with those from within the area comprising the largest group at 59%, followed by those from the Lower Mainland/Vancouver Island at 20% and those from Alberta at 11%. Contrary to what many believe, foreign buyers remain a consistently small percentage at just 2%.

“First time buyers continue to be a strong contingent at 17%, just behind those moving to a similar property type at 21% and those moving up at 20%. In terms of family dynamic, couples with children top the list at 30% of buyers, following by childless couples at 24% and empty nesters or retired at 21%,” says Beer.

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. 

Central Okanagan

Condo/Apt
Sales 46
New Listings 77
Current Inventory 443
Sell/Inv. Ratio 10.38%
Days to Sell 72
Average Price $297,189
Median Price $287,500

Condo/Townhouse
Sales 31
New Listings 58
Inventory 298
Sell/Inv. Ratio 10.40
%
Days to Sell 73
Average Price $478,500
Median Price $485,000

Lots
Sales 6
New Listings 43
Current Inventory 404
Sell/Inv. Ratio 1.49%
Days to Sell 160
Average Price $257,967
Median Price $297,900

Residential
Sales 91
New Listings 129
Inventory 773
Sell/Inv. Ratio 11.77%
Days to Sell 74
Average Price $668,199
Median Price $635,000

Ratio of Sales vs Inventory 11.21%

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

Amanda Westrheim

Amanda Westrheim

REALTOR®
CENTURY 21 Assurance Realty Ltd.
Contact Me

Blog Archives