Overall so far this year, there has been a 13 per cent improvement in housing sales over the same January-April period last year.
“Driven by confident local buyers, April home sales in the Okanagan-Shuswap were robust as the market continued at a strong and steady pace—following the rising trend in most B.C. markets where activity is being fueled by pent-up demand,” said Christopher Miller, OMREB president and Kelowna realtor.
“As demand grows, days on market for all property types in our board area continues to improve, and is now at 96 days on average compared to 103 in March, and 125 days to sell last year at this time. This news is encouraging for home owners who are looking to list and sell in a more timely fashion,” Miller said.
Within OMREB’s three diverse markets—Central Okanagan, North Okanagan, and Shuswap-Revelstoke areas—sales activity and prices coupled with 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.
“In all markets within the board area, well-positioned and well-presented homes are in demand and selling quickly,” Miller said.
“Activity in the North Okanagan was brisk in April with single family residential sales improving 16 per cent compared to 2014—bouncing back from the 30 per cent decline experienced in March compared to the same month last year,” he noted.
With inventory dipping slightly and the number of new listings similar to this time last year, the market in this zone remains fairly balanced and stable, he added.
“During April, the Central Okanagan saw an eight per cent increase in single family residential sales year-over-year.
“Some segments are firmly in seller’s market conditions with the increase in demand outpacing supply as inventory continues to decline.
“New listings have been static for the past few months, and not keeping up with or meeting the current market demand.”
“In the Shuswap where overall inventory is still high and a buyer’s market prevails, single family home sales dipped two per cent in April compared to the same month in 2014,” he reported.
Local buyers continue to snap up homes in the lower end of the market, while purchases of recreation and retirement properties have slowed with the downturn in the Alberta economy.
“To fully understand the current residential market,” said Miller, “it is more important than ever to consult with a professional realtor to look at trends within property types and different price points.”
The average number of days to sell a single family home in April was 77 days OMREB-wide, compared to 102 days at this time last year.
The 1,781 new listings taken board-wide for the month were down slightly (0.7%) compared to the 1,793 listings posted in April 2014, while inventory (active listings) declined 8.8 per cent to 7,145 from 7,838 last year at this time.
Specifically for OMREB’s Central Zone (Peachland to Lake Country, during April, overall sales of all property types were up 8.4 per cent to 558 units from 515 in 2014.
Year-to-date sales activity was up 17.8 per cent compared to the same period last year January through April, to 1,664 units from 1,413.
Total residential sales for the month improved by 11.3 per cent to 558 units compared to 515 in 2014. The sale of 292 single family homes saw an 11.5 per cent improvement over the 262 in April 2014. Townhouse sales were up 3.9 per cent (to 81 from 78), and apartment sales jumped 43.9 per cent (to 102 from 91).
Average days to sell a single family home in the Central Okanagan in March was down to 65 days compared to 74 in 2014.
