Year to Date sales in the first 5 months of 2015 in the Central Okanagan were up 12.6% over the same period last year. Inventory continues to creep down which will always puts upward pressure on prices. The YTD average Median Sale price from January to May rose from $449,000 in 2014 to $466,000 in 2015. The North Okanagan has a similar story but a little behind the Central Okanagan. Year to Date sales in the North were virtually the same this year as they were in 2014. Inventory continues to decrease especially in the lower price ranges. The YTD average median price rose from $338,000 in 2014 to $343,000 in 2015. Not a huge jump but definitely rising. The Shuswap was leading the way. YTD sales are up 8.8 %. The average YTD median price rose from $307,000 in the first 5 months of 2014 to $347,000 for the same period in 2015. That is an increase of 13%. We have to remember that the Shuswap is a smaller market place and therefore the averages are more easily skewed. Also in all 3 zones the average YTD, DOM (Days on the Market to Sell) has come down significantly. In summary, in all 3 zones more houses are selling faster and for more money.
- July 17, 2015