Okanagan Housing Market Gains Momentum
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports that 847 MLS® residential sales were recorded for the month of March, up 26.8% from March 2015. Last month was the second strongest March on record. Home sales reached a record 892 units in March 2007. The average MLS® residential price was up 9.6% to $429,226 compared to March 2015. The dollar volume of residential sales climbed 38.9% to $364 million compared to March of last year. Rock bottom mortgage interest rates, relatively robust employment growth and rising wages are helping to underpin housing demand, while migration from the Lower Mainland as well as other provinces is bolstering growth in the number of Okanagan households. Active listings on the MLS® were down nearly 19% from a year ago. Market conditions are now favouring home sellers in many neighbourhoods, and as a result, competition is increasing for the best properties.
Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s board area during March 2016 climbed 25.7% to 933 units compared to the same month last year. The 1,896 new listings taken board-wide for the month were down 3.5% compared to March 2015, while total active listings declined 13.2% to 5,918 units over the same period.
Central Zone (Peachland to Lake Country): Transactions of all property types in the Central one were up 24% to 636 units compared March 2015. Total residential sales for the month were up 24.5% to 589 units compared year ago levels. The sale of single family homes climbed 1.7% to 303 units over the same period. Average number of days to sell a single family home in the Central Okanagan in March was 57 days, down from 61 days in March 2015. The 936 new residential listings taken in the Central Okanagan during the month were down 5.3% from a year ago, while new single family listings were down 1.8% to 486 units over the same period.
North Zone (Predator Ridge to Enderby): Overall property sales for March in the North Zone were up 33.6% to 187 units compared same month last year. Total residential sales were up 38.5% to 169 units, while single family home sales were up nearly 58.7% to 100 units compared to March 2015. Average number of days to sell a single family home in the North Okanagan was 97 in March compared to 89 days the same month last year. A total of 351 new residential listings taken for the month was down 8.6% over the same month last year, while new single family listings were unchanged, albeit up 1 to 186 units over the same period.
Shuswap-Revelstoke Zone (Salmon Arm to Revelstoke): Sales activity for all property types in the Shuswap-Revelstoke Zone last month climbed 23.6% to 110 units compared to March 2015. Total residential unit sales for the month were up 24.3% to 92 units compared to the same period. The sale of single family homes rose 20.9% to 52 units in March compared to the same month last year. The average number of days to sell a single family home in the Shuswap during March was at 125 compared to 134 days during the same month last year. There were 210 new residential listings taken in the zone last month, down 5% compared to the March 2015, while new single family listings were down 16.2% to 98 units over the same period.