Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported sales activity of all MLS® property types in August 2015 remained steady through a typically slow summer month and despite smoky conditions -- posting the strongest month for August since 2007.
While the housing market is being underpinned by rock bottom mortgage interest rates, a noticeable lift in consumer confidence in our province has propelled the market to elevated activity. Smoky conditions due to wild fires may have had some impact on viewings but have not deterred purchases by people who are choosing to buy now.
Bolstered by high consumer confidence as local employment and economic conditions improve, demand for homes in the Okanagan-Shuswap is strong and keeping pace with other markets in BC.
Most sectors in our Board area saw a very active summer and we are optimistic this upward trend will continue into the fall with solid sales activity in September and October. Now is the time to list as inventory continues to decline. Single family homes within our Board area are selling within 88 days compared to 104 days on market year-to-date during the same eight-month period in 2014.
Some segments in the Central Okanagan are experiencing shortages and moving into sellers’ market conditions. Single family residential sales improved by 12% over last August while year-to-date totals improved by 11% over the same time period in 2014 (January through August).