The Okanagan Mainline Real Estate Board (OMREB) released the MLS sales figures for November 2015 and the trend continues upward. In fact, more homes were sold in the Okanagan between January and the end November than in all of 2014.
Christopher Miller, president of the OMREB attributes the continued surge in home sales in Kelowna and the Okanagan Region in general to healthy employment growth and the increase in wages in B.C. Higher wages throughout the province are driving up the demand for housing. A more stable economy and a strong confidence in the market is bringing people from other provinces to B.C., especially from Alberta.
From November of 2014 to November 2015, residential sales were up by 21% while inventory was down by 9%. With fewer homes available in many of Kelowna’s most popular neighbourhoods, increased competition for the best properties will continue to drive prices up.
Last month 548 residential units in Kelowna changed hands, the most since November 2005 when 560 homes were sold.
Miller noted that the continued low interest rates remain another factor in the housing market and the fact that there are so many housing options available to buyers in the Okanagan.
Activity in three of the OMREB’s regions was varied with fewer sales occurring in the North Okanagan region, which Miller says is a direct result of a weaker economy in Alberta and fewer people from that province looking for vacation homes.
The Shuswap and Central Okanagan remain strong as they have for the balance of 2015.
Comparative Analysis: Kelowna and area numbers
As part of the OMREB Central Zone (Peachland to Lake Country), November sales of all property types were up 17.5% over November of last year, a significant increase over October. The number of new listings is up by just 3 properties, contrary to the board-wide trend of significantly fewer properties on the market.
Activity 2015 2014 Change
Total Sales Nov: 389 331 +17.5%
Total Sales YTD: 5,448 5,060 + 7.7%
Residential Nov: 348 289 +20.4%
Residential YTD: 5,062 4,614 + 9.7%
Single Family sales 154 146 + 5.5%
Single Family YTD: 2,542 2,362 + 7.6%
Days on market (average) 74 75
Days on Market YTD: 65 73
New listings Nov: 584 581 +0.5%
Comparative Analysis: Board-wide
Sales activity of all property types in November across the OMREB continue to improve with stats up over October 2015 and over the previous November by an astounding 18%. Levels of single family home sales have picked up over November 2014. The number of days on average that properties sat on the market is trending downward. There is also a decrease in inventory over November 2014 creating competition for hot properties in the Okanagan.
Activity 2015 2014 Change
Total Sales Nov: 619 524 + 18.0%
Total Sales YTD 8,359 7,991 + 4.6%
Residential Nov: 548 453 + 21.0%
Residential YTD: 7,554 7,109 + 6.0%
Single Family sales 263 242 +8.7%
Single Family YTD: 3,964 3,806 + 4.2%
Days on market (average) 107 114
Days on Market YTD: 75 125
New listings Nov: 686 888 -2.3%
Total Inventory: 5,744 6,234 -7.9%
For a professional interpretation of these statistics and how they may apply to your home purchase or sale, consult a professional Realtor who is familiar with your area of the Okanagan Region.