Last week, July 2016 statistics were released by the Okanagan Mainline Real Estate Board (OMREB). Now that some time to digest them has gone by, we’ve drilled down to uncover some fun facts about the market in Kelowna and the Okanagan region. Here they are in completely random order. Enjoy.
- Because it’s a seller’s market right now you may think that the number of new listings are beginning to drop. In fact, there were the same number of new listings in July 2016 as there were in July 2015. However, sales are up more than 26% over last year and overall, 34% fewer homes on the market.
- There were 174 more properties sold last month than were sold in July last year – an increase of 33%.
- Clients selling their homes in Kelowna are getting, on average, 98% of their asking price. That means some properties are going over list, and some aren’t getting their asking price at all. Nonetheless, 98% is a pretty awesome average.
- The average number of days that properties sit on the market has fallen to 68. Just over two months.
- There is still not enough choice in Kelowna for the average buyer. There was 2.39 months worth of properties available last month, a figure that is based on the current sales pace. In crunching the numbers, that means there is 28% less inventory than there was in July 2015. Projections based on last month’s figures suggest that
- The average sale price in July for a detached home ws $624,773. Year-to-date, the average is $588,913. Year over year, that’s a 16% bump.
- The condominium picture in Kelowna shows that there are 3% more listings available for buyers this year; however, condo sales are almost 46% higher than in July 2015. The average price of a condo is 13% higher than July 2015 at $290,443. Condos are selling in 48 days on average.
- Sales this spring were some of the best in Kelowna’s history. Both sales and listings are down in July however summer is historically slow. REALTORS® throughout the Okanagan are anxious to see what transpires this month, especially in light of the new 15% tax for foreign real estate buyers on the Lower Mainland. Although, the OMREB stated in its July 2016 report that a 15% tax isn’t really going to stop foreign investors that have the funds to purchase high end property in Vancouver. While the association doesn’t anticipate spill-over into Kelowna, that remains to be seen.
- The OMREB stated in last month’s report that 18% of buyers are coming from other parts of the province, 12% are coming from Alberta with the lion’s share of Kelowna buyers coming from within the region itself.
Breakdown by price ranges
- Sales are up by 18% in the $400,000 to $600,000 segment of the market.
- Sales are up by 48% in the $600,000 to $999,000 segment.
- Sales are up by 70% in the market segment over $1 million. In July, there were 166 listings with homes priced between $1 million and $1.5 million and 206 listings of homes valued at more than $1.5 million.