It would seem that while its neighbouring province to the east is struggling to stay afloat, British Columbia in general is experiencing a bit of a boom. That is, if climbing home sales in Kelowna and throughout the Okanagan are any indication.
Real estate statistics from last month are out and again, residential sales for February 2016 are nearly 25% higher than recorded one year previously. The Okanagan Mainline Real Estate Board (OMREB) says that 572 sales were recorded last month, the most number of residential homes that have sold since February 2008 when that number was 575. That is throughout the Okanagan.
In Kelowna and area specifically, real estate activity continues to be robust with sales up by 19.7% over February 2015. That represents 414 residential transactions. Single family units are up by 7.8% and the average number of days to sell fell to just 66 days. Last year, the average was 81 days.
Fewer people in Kelowna and area are choosing to sell their properties. In February there were 742 new listings in all property types which is 4.75% fewer than February 2015. In all, 9.6% fewer single family homes hit the market last month. Throughout the entire Okanagan, 1,372 listings hit the market in all which is 5.2% higher than this time last year; however, since sales figures are so high, there are still 11.3% fewer properties on the market than there were in February 2015.
Those who are putting properties on the market will be happy to know that real estate prices continue to rise throughout Kelowna and the Okanagan region. The average price is up 6.2% over February 2015 to $425,475.
Association president Christopher Miller states in his monthly review that the demand for housing throughout his jurisdiction has exceeded expectations so far in 2016. He believes that confidence in the marketplace is strong and outweighs the less than positive outlook that may prevail due to low oil prices, and he is encouraged by the record pace being set by prices throughout the region. Low inventory is putting sellers at a distinct advantage.
B.C. is the envy of every Canadian province as a progressive economy with strong growth in employment and escalating salaries. These factors in combination with low interest rates on mortgages, a growing population and big expectations for tourism this year mean nothing but good things for Kelowna’s real estate environment.
With inventory at its lowest point since 2008, it’s certainly the best time to sell in the Kelowna area. The North Okanagan, which has not been as busy as other areas and seems more adversely affected by what’s going on in Alberta, has balanced out with equal supply and demand.
Kelowna & Area Feb 2016 Feb 2015 Change
Total Sales: 414 346 +19.65%
Total Sales YTD: 623 539 + 15.58%
Average Price $457,546 $415,220 +10.19%
Median Price $418,000 $379,500 +10.14%
Days on market (average) 73 88
Days on Market YTD: 77 93
New listings Feb: 742 779 -4.75%