Okanagan Shuswap Real Estate Boasts Strong Demand in January Points to Busy Spring Ahead
Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s Board area during January 2016 climbed 10.5% compared to 2015 (to 370 units from 335). Board-wide, total residential sales for the month were up 13.6% over last year at this time (344 units from 294). Single family home sales across the board area were essentially unchanged compared to January 2015 (162 versus 124). The average number of days to sell a single family home in January was 119 days board-wide, compared to 122 days at this time last year. The 793 new residential listings taken board-wide for the month were up 6.7% compared to the 850 listings posted in January 2015, while residential inventory (total active listings) declined 13% to 3,146 from 3,614 last year at this time.
Central Zone (Peachland to Lake Country): During January, overall sales of all property types in the Central Zone were up 8.8% with 235 units compared to 216 in 2015. Total residential sales for the month rose 8.3% to 209 units compared to 193 in 2015. The sale of single family homes was down 1.2% over January 2015 (to 86 from 87). Average days to sell a single family home in the Central Okanagan in October was 77 days compared to 86 in 2015. The 518 new residential listings were taken in the Central Okanagan during the month was down 11% from the 582 units recorded in January 2015.
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports that 334 MLS® residential sales were recorded for the month of January, up 13.6% from January 2015. Last month marked the strongest consumer demand in January since 2008. The average MLS® residential price was up 3% to $383,115 compared to January 2015. “January’s market performance comes on the heels of a strong 2015, with rising consumer demand, waning inventories and upward pressure on home prices in many areas,” said Christopher Miller, OMREB President and active REALTOR® in the Central Okanagan. Market fundamentals remain strong, with rising employment, upward pressure on wages and relatively robust population growth driving housing demand. In addition, a weak Canadian dollar is bolstering tourism and making BC products and services more competitive in the global marketplace. “With 13% fewer active listings on the market than a year ago, savvy home sellers will be listing early this year to take advantage of market conditions before the busy spring season,” said Miller. OMRB’s three diverse markets – Central Okanagan, North Okanagan, and Shuswap-Revelstoke – have different sales activity and prices, with supply and demand varying among property types at different times and locations, with ups and downs experienced zone-by-zone and month-by-month. “The Central Okanagan and Shuswap markets have exhibited relative strength this year, while housing demand in the North Okanagan has edged lower largely as the result of a weaker Alberta economy,” added Miller. In order to fully understand the current residential market, and to look at trends within property types and varying price points in different neighbourhoods, it is important to consult with a REALTOR®.North Zone (Predator Ridge to Enderby): Overall property sales for January in the North Zone was up 28.6% to 108 units compared to 84 units the same month last year. Total residential sales were up 34.7% this past month to 101 units compared to 75 units in January 2015. Single family home sales were up 58.3% over last January (to 57 from 36). Average days to sell a single family home in the North Okanagan was 122 days in January compared to 113 in 2015. The 197 new residential listings taken for the month was up 4.2% over the 189 recorded for the same period in 2015.
Shuswap-Revelstoke Zone (Salmon Arm to Revelstoke): In January, sales activity for all property types the Shuswap-Revelstoke Zone declined by 20.6% over 2015 (at 27 units compared to 34). Total residential unit sales for the month were down 7.4% compared to January 2015 (at 25 units from 27). The sale of single family homes climbed 72.7% (to 19 units from 11 last year). The average of 158 days to sell a single family home in the Shuswap during January was down 29% compared to 168 days in 2015. There were 86 new residential listings taken in the Zone in January, nearly unchanged from the 87 units recorded a year ago. The residential inventory was down 15.2% to 546 units from 620 units last year at this time.
- February 11, 2016