Market Review for the housing market in the Okanagan Shuswap for the first 2 quarters of 2016

When we compare statistics it is usually fruitless to compare one month to the next. The market fluctuates month to month depending on the season. This fluctuation has nothing to do with what the market is doing. It is considerably more effective to take a group of months at least a quarter and compare it with the same period of time in the previous year. In this review we will compare the first 2 quarters of 2016 with the same period last year. When we look at the statistics in all three zones; the Central Okanagan the North Okanagan and the Shuswap, the story is the same. Prices are rising, sales are rising and inventory is falling. The decreasing inventory is a result of the increased demand which further emphasizes the increase in the market. There is nothing in the statistics that tells us that the market is going to do anything but get hotter. Statistics below are for residential single family housing only.

Central Okanagan

There was an average of 302 residential sales per month in the Kelowna area (Central Okanagan) in the first 2 quarters of 2016. That is up 25 % from 242 average monthly sales in the same period last year. Residential prices in the Central Okanagan are up 16% from $473,000 to $550,000 in the same period of time.

North Okanagan

There was an average of 121 residential sales per month in the North Okanagan in the first 2 quarters of 2016. That is up a whopping 47% from 82 average sales in the same period last year. Residential prices in the North Okanagan are up 9% from $350,000 to $381,000 in the same period of time. 

Shuswap

There was an average of 54 residential sales per month in the Shuswap area in the first 2 quarters of 2016. That is up 20 % from 45 average sales in the same period last year. Residential prices in the Shuswap are up 3.5% from $339,000 to $351,000 compared to the same period of time last year. 

If you would like to know what your house is worth give me a call for a free computerized market evaluation. 

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Bill Hubbard

Bill Hubbard

Broker/Owner
CENTURY 21 Executives Realty Ltd.
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