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®.
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.