KELOWNA – The Okanagan Mainline Real Estate Board (OMREB) reports that a new record for MLS® residential sales for the month of October has been reached. A total of 653 residential sales were posted last month, up 3.8 percent from the previous year, smashing the previous October record of 648 sold units set in 2007.
“Housing demand has been robust in the Okanagan this fall,” said Christopher Miller, OMREB President and active REALTOR® in the Central Okanagan. “Strong fundamentals have boosted consumer confidence and led to rising home sales throughout most of the Okanagan region.”
BC’s strong performing economy rock bottom mortgage interest rates and robust population growth have provided a solid foundation for the housing market. While the fallout from the collapse of oil prices has negatively impacted some BC communities, most of the Okanagan has experienced an increase in housing demand this year.
“The inventory of homes for sale was down 8.6 percent in October compared to the same month last year. The combination of rising demand and fewer homes for sale has created sellers’ market conditions in some communities and product types,” said Miller.
Within OMREB’s three diverse markets – Central Okanagan, North Okanagan, and Shuswap-Revelstoke areas – sales activity and prices, and supply and demand tends to vary among property types at different times and locations, with ups and downs experienced zone-by-zone and month-by-month.
“The Central Okanagan and Shuswap markets have exhibited relative strength this year, while housing demand in the North Okanagan has edged lower largely as the result of a weaker Alberta economy,” added Miller.
Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s Board area during October 2015 increased 3.8 percent compared to 2014 (to 733 units from 706) and rose 3.6 percent year-to-date (to 7,728 from 7,463).
Board-wide, total residential sales for the month were up 3.2 percent over last year at this time (at 655 units from 635) while year-to-date sales improved by 5.2 percent compared to 2014 (to 7,060 units from 6,712).
Single family home sales across the board area were essentially unchanged, albeit with 3 additional units, compared to October 2014 (to 341 from 338) while year-to-date sales were up 3.8 percent (at 3,701 from 3,564).
The average number of days to sell a single family home in October was at 88 days board-wide, compared to 112 days at this time last year. Year-to-date, homes are selling within 89 days compared to 105 days during the same period in 2014 (January through October). The 1,002 new listings taken board-wide for the month were down 11.3 percent compared to the 1,130 listings posted in October 2014, while inventory (active listings) declined 9.7 percent to 6,090 from 6,742 last year at this time.
Central Zone (Peachland to Lake Country): During October, overall sales of all property types in the Central Zone were up 9.2 percent with 476 units compared to 436 in 2014. Year-to-date sales activity increased by 7 percent compared to the same period last year (January through October) to 5,060 units from 4,730 in 2014.
Total residential sales for the month rose 9 percent to 435 units compared to 399 in 2014, and was up proved by 9 percent year-to-date (to 4,714 from 4,325). The sale of single family homes was up 6.4 percent over last October (to 216 from 203) and was up 7.8 percent year-to-date (to 2,388 from 2,216). Average days to sell a single family home in the Central Okanagan in October was down to 67 days compared to 69 in 2014, while year-to-date averaged 64 days compared to 73 during the same ten-month period last year.
The 644 new listings taken in the Central Okanagan during the month was 15.3 percent less than the 760 in 2014.
North Zone (Predator Ridge to Enderby): Overall property sales for October in the North Zone declined 12 percent to 146 units compared to 166 last year at this time. Sales activity year-to-date was down 6.4 percent to 1,650 units compared to 1,758 during the first ten months of 2014.
Total residential sales were down 14.3 percent this past month to 126 units compared to 147 in 2014, and were down 5.7% year-to-date (to 1,484 from 1,574). Single family home sales declined 24.4 percent over last October (to 68 from 90) and fell 10.4 percent year-to-date (to 818 from 913). Average days to sell a single family home in the North Okanagan was 88 days in October compared to 105 in 2014, while homes sold in 84 days on average year-to-date compared to 102 during the same period last year.
The 248 new listings taken for the month was up 6 percent over the 234 recorded for the period in 2014.
Shuswap Zone (Salmon Arm to Revelstoke): In October, sales activity for all property types in the Shuswap-Revelstoke Zone increased by 6.7 percent over 2014 (at 111 units compared to 104) while the year-to-date sales were up 4.5 percent over the same ten-month period last year (at 1,018 units from 975).
Total residential unit sales for the month were up 5.6 percent compared to October 2014 (at 94 units from 895) and rose 6 percent year-to-date (to 1,018 from 975).
The sale of single family homes climbed 26.7 percent (to 57 units from 45 last year) and was up 13.8 percent year-to-date (to 495 from 435) compared to October 2014. The average of 109 days to sell a single family home in the Shuswap during October was down 33 percent compared to 163 days in 2014, while homes have sold in 118 days on average year-to-date compared to 140 during the same period last year.
The 119 new listings taken in the Zone in October, down 12.5 percent compared to 136 in 2014. Overall inventory was down 9.9 percent to 1,289 from 1,430 last year at this time.