June 22, 2016
Okanagan Housing Market Continues Record Breaking Trend
Record breaking trends in residential sales continue, with sales of more than 1200 units posted to the Multiple Listing Service (MLS®) in May, up 35.5% from the same month last year, reports the Okanagan Mainline Real Estate Board (OMREB). With this type of market, consumers can expect to see rising prices and quicker turn arounds between when a property is listed and when it is sold. Situations where there are multiple offers on a listing often occurs as well.
OMREB statistics show the average MLS® residential price was $486,636 for May, 2016, up from $459,595 the previous month and representing a 15% increase over the same month last year. In all regions served by OMREB, the average number of days to sell a single family home dropped to 77 days, down from 92 in May 2015, while active listings dropped almost 19% compared to this time last year.
Population growth is a key factor contributing to current market conditions in the Okanagan. This creates a high demand for housing which draws down the supply of homes for sale. The result is an imbalance between supply and demand that then drives prices up.
While the market trends, as noted above, are consistent across the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap-Revelstoke Zone (Salmon Arm to Revelstoke), they are most pronounced in the Central and North Zone regions.
Click here for the full report.