For Immediate Release: April 11th 2016
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.
“Homes sales were exceptionally strong in March,” said Anthony Bastiaanssen, OMREB President and active REALTOR® in the Central Okanagan. “The spring housing market is now shaping up to be one of the most active on record.”
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,” added Bastiaanssen. “Market conditions are now favouring home sellers in many neighbourhoods, and as a result, competition is increasing for the best properties.”
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.
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 local REALTOR®.
Central Zone (Peachland to Lake Country): Transactions of all property types in the Central Zone 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 21.7% to 303 units over the same period. OMREB Stats Media Release for MARCH 2016 – Page2 of 3
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.
New Listings 197
Current Inventory 447
Sell/Inv. Ratio 30.20%
Days to Sell 72
Average Price $277,758
Median Price $265,000
New Listings 125
Sell/Inv. Ratio 33.33%
Days to Sell 76
Average Price $385,417
Median Price $360,000
New Listings 128
Current Inventory 472
Sell/Inv. Ratio 6.14%
Days to Sell 166
Average Price $336,034
Median Price $230,000
New Listings 486
Sell/Inv. Ratio 35.44%
Days to Sell 57
Average Price $566,762
Median Price $518,000
Ratio of Sales vs Inventory 28.97%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe
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