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June Statistics

July 10, 2015

Here we are just past the mid-point of the year.  Attached Statistics confirm continued consumer confidence and trust we will see positive results throughout 2015.

Below is the report from Okanagan Mainland Real Estate Board;

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.

If you’ve been thinking of Selling or Buying it would be great to hear from you.

I hope you are all enjoying this amazing Okanagan summer.