Kelowna Real Estate Update – July 24, 2015

    Weekly Market Update

    Weekly real estate market update – week ending July 24, 2015

    Numbers from previous weeks are in brackets.

    Kelowna Real Estate

    Houses

    Condos

    # of Expired Listings:  2 (2,9,15)
    # of New Listings:  54 (39,50,67)
    # of Price Changes:  26 (38,21,26)
    # of Sales:  33 (46,31,32)
    Active House Listings:  618 (631,643,648)
    Average Price $617 ($534,$625,$550)
    # of Expired Listings:  2 (6,3,9)
    # of New Listings:  47 (49,35,46)
    # of Price Changes:  21 (16,24,19)
    # of Sales:  36 (18,32,37)
    Active Condo Listings:  622 (625,607,611)
    Average Price $347 ($350,$341,$328)

    West Kelowna Real Estate

    Houses

    Condos

    # of Expired Listings:  1 (5,0,8)
    # of New Listings: 19 (23,30,21)
    # of Price Changes: 13 (21,17,13)
    # of Sales:  13 (14,13,11)
    Active House Listings:  291 (291,288,277)
    Average Price $437 ($475,$548,$449)
    # of Expired Listings:  1 (4,1,5)
    # of New Listings:  8 (12,10,8)
    # of Price Changes:  8 (11,2,5)
    # of Sales:  9 (5,2,10)
    Active Condo Listings:  237 (245,244,233)
    Average Price $286 ($403,$687,$346)

    JUNE 2015 STATS: Okanagan-Shuswap Housing Market Strongest in Eight Years

    Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported sales activity of all MLS® property types in June 2015 as the strongest in eight years. Up 5% from the same month last year, the housing market has shown an 8% improvement year-to-date compared to the same six-month period in 2014.

    The BC economy is currently the best performing in the country with population growth, reinvigorated consumer confidence and pent-up demand key drivers of the real estate market as it bounces back to 2007 sales levels in most areas of the province.

    Strong consumer demand in the Okanagan-Shuswap has pushed home sales to an eight-year high and reduced days to sell to 72 days on average compared to 94 last year at this time.

    Well-positioned and well-presented homes are continuing to sell quickly in the OMREB market. The robust demand is keeping inventories in check, with some segments experiencing relative shortages and sellers’ market conditions, particularly the lower priced detached units.

    While the recreation markets in the Shuswap and North Okanagan are seeing little activity, low oil prices appear to have had little impact on residential or investment buyers from Alberta as many are purchasing homes in the Okanagan or Shuswap now in anticipation of retirement, or choosing to move here to live and continuing to work in Alberta.

    Single family residential sales in the Central Okanagan were up 8% compared to last June while year-to-date totals improved by 13% over the same six months last year. Inventory continues to be tight for all types of housing due to high buyer demand and not enough new listings to fill the need.

    In the Shuswap, single family home sales for the month improved by 9% compared to June 2014 and saw a 17% improvement year-to-date as local buyers and Albertans moving to the area purchase residences in the $300,000 and under range, while the absence of recreation buyers from Alberta continues to stall the sale of high-end properties.

    The North Okanagan experienced a 12% dip in single family residential sales during June compared to last year and saw a 9% decline year-to-date.  Coupled with the employment uncertainty and financial instability of oil patch workers who live in the area and work in Alberta, the softer activity may be attributed to the spike in sales last year at this time when this Zone outpaced the other markets in our Board, resulting in the current lack of product and demand

    – Source – Okanagan Mainline Real Estate Board

    Average selling price fluctuates substantially from one week to the next in these stats as the properties involved may not be comparable.  If you’re interested in the average selling price of a certain type of house or condo in Kelowna or West Kelowna, please contact us. We’ll be happy to get you the information.

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