OCTOBER STATS: Okanagan Achieves Home Sales Record in October
Kelowna, BC – 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% 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% 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.
In order to fully understand the current residential market, and to look at trends within property types and varying price points in different neighbourhoods, it is important to consult with a REALTOR®.
ZONE STATS: For October statistics and media release, please refer to the appropriate Zone folders (accessible via Zone tabs in Stats menu above). Click here to view full version of the October Stats release summarized above.