November 2019 Market Statistics

For Immediate Release

 

 

High-end Sales Gives Residential Real Estate Market A Push

KELOWNA, B.C. – December 3rd, 2019. Residential sales across the region of Revelstoke to Peachland totaled 527 in November, down from October’s 625 units sold yet up 14% compared November 2018 sales, reports the Okanagan Mainline Real Estate Board (OMREB).

The average residential price in November rose 13% over October’s average price coming in at $586,159 and surpassed last year November’s average by 12%. A closer look shows single-family and townhome average prices both up 9% from last month’s, whereas the average for condominiums jumped up 25%, coming in at $388,365. All three home categories saw a swell in average prices compared to this time last year.

“The upturn in average prices could very well be due to an increase of high-end sales within the region,” says OMREB President Michael Loewen, adding that “even a few higher-than-usual priced sales can skew the data from month to month and paint an inaccurate picture. That is precisely why we are introducing the MLS® Home Price Index (HPI) tool as a better way to gauge home price levels and trends.”

“Average or median prices can be highly variable based on the type or characteristics of properties sold in a given month. In contrast, the HPI determines prices based on the typical property in an area or neighbourhood. This eliminates potential skewing of price trends due to sales of outlier properties,” says OMREB President Michael Loewen.

Comparing historical HPI data for the composite benchmark price with the MLS average and median price, we can see that the HPI follows the same trend as those price measures but with far less monthly variation.

The overall number of active listings dropped over last month’s inventory of 3,650 coming in at 3,205; down 5% from this time last year. The average number of days to sell a home remained stubbornly consistent from October, holding steady at 93 days. It’s important to note that OMREB reports an average of days on market for the entire Board region and that the indicator will vary depending on home type and sub-region.

Central Okanagan

Condo/Apt
Sales 97
New Listings 119
Current Inventory 479
Sell/Inv. Ratio 20.25%
Days to Sell 76
Average Price $402,589
Median Price $337,900

Condo/Townhouse
Sales 58
New Listings 84
Inventory 301
Sell/Inv. Ratio 19.27
%
Days to Sell 78
Average Price $534,407
Median Price $502,500

Lots
Sales 18
New Listings 40
Current Inventory 416
Sell/Inv. Ratio 4.33%
Days to Sell 184
Average Price $443,106
Median Price $314,950

Residential
Sales 167
New Listings 218
Inventory 888
Sell/Inv. Ratio 18.81%
Days to Sell 72
Average Price $752,004
Median Price $649,950

Ratio of Sales vs Inventory 16.88%

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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