October 2015 saw a record number of MLS® residential sales in the Kelowna region.
The Okanagan Mainline Real Estate Board (OMREB) released last month’s figures, which indicate 653 sales transactions were posted, up 3.8% from October 2014. This breaks the previous record for the most number of residential sales in the month of October of 648 units. This record was set in 2007.
OMREB president Christopher Miller called the demand for housing in the Central Okanagan “robust”.
Miller explained in a media release that several fundamental factors have profoundly boosted buyer confidence which has resulted in the rise of real estate transactions throughout Kelowna and most of the Okanagan.
Continued strength in the B.C. economy, very low mortgage interest rates which still prevail and consistent population growth are the factors indicated in October’s strong numbers.
Oil-based economies in select communities in the area have negatively impacted some numbers, as it would seem no region is completely insulated from the collapse of oil prices. The Kelowna area of the Central Okanagan and Shuswap-Revelstoke reported the strongest sales growth while the North Okanagan did not perform as well, which the OMREB believes is directly attributable to spill-over from Alberta’s sagging economy.
However, demand for housing is still on the rise in most of the province.
Sales are up and inventory is down by 8.6% year-to-year creating a sellers’ market, depending upon location and real estate type.
Comparative Analysis: Kelowna and area numbers
As part of the OMREB Central Zone (Peachland to Lake Country), October sales of all property types were up 9.2% over October of last year. The only drop is in inventory in Kelowna and the Central Okanagan Region, with a 15.3% dip in residential product available from October of last year.
Here’s the breakdown:
Activity 2015 2014 Change
Total Sales Oct: 476 436 +9.2%
Total Sales YTD: 5,060 4,730 + 7.0%
Residential Oct: 435 399 +9.0%
Residential YTD: 4,714 4,325 + 9.0%
Single Family sales 216 203 +6.4%
Single Family YTD: 2,388 2,216 + 7.8%
Days on market (average) 67 69
Days on Market YTD: 64 73
New listings Oct: 644 760 -15.3%
Comparative Analysis: Board-wide
Sales activity of all property types in October across the OMREB, from Revelstoke to Peachland improved over September and over the previous October by 3.8 Levels of single family home sales continue to be lower than 2014. The number of days on average that properties sat on the market has dramatically decreased over September but remained unchanged year-to-date. There is also a sharp decrease in inventory over October 2014.
Activity 2015 2014 Change
Total Sales Oct: 733 706 +3.8%
Total Sales Y 7,728 7,463 + 3.6%
Residential Oct: 655 635 +3.2%
Residential YTD: 7,060 6,712 + 5.2%
Single Family sales 341 338 -11.9%
Single Family YTD: 3,701 3,564 + 3.8%
Days on market (averag 88 112
Days on Market YTD: 89 105
New listings Oct: 1,002 1,130 -11.3%
Total Inventory: 6,090 6,742 9.7 %
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.