January 2016 Market Statistics

MEDIA RELEASE
For Immediate Release: February 4, 2016

Strong Demand in January Points to Busy Spring Ahead 

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. 

OMREB’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®.

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. 

The Okanagan Mainline Real Estate Board is comprised of 1,093 member REALTORS® and 91 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.

For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at: www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR® , check out www.howrealtorshelp.ca.

All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

Central Okanagan

Condo/Apt
Sales 62
New Listings 132
Current Inventory 379
Sell/Inv. Ratio 16.36%
Days to Sell 70
Average Price $254,977
Median Price $237,000

Condo/Townhouse
Sales 37
New Listings 64
Inventory 252
Sell/Inv. Ratio 14.68%
Days to Sell 87
Average Price $354,089
Median Price $324,500

Lots
Sales 15
New Listings 58
Current Inventory 415
Sell/Inv. Ratio 3.61%
Days to Sell 151
Average Price $283,243
Median Price $250,000

Residential
Sales 86
New Listings 252
Inventory 717
Sell/Inv. Ratio 11.99%
Days to Sell 77
Average Price $529,908
Median Price $488,500

Ratio of Sales vs Inventory 14.72%

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 atwww.AOKHOMES.ca or call 250-863-9230 or email at Amanda.Westrheim@Century21.ca

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The Westrheim Group

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CENTURY 21 Assurance Realty Ltd.
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