Scribd
Upload
21 views

Central Okanagan First Quarter 2016: Macdonald Realty Kelowna

The real estate market in the Central Okanagan region saw significant growth in the first quarter of 2016 compared to the same period the previous year. Home sales increased by 18.8% overall, with detached homes up 13%, townhomes up 22.2%, and apartments up 38.5%. Inventory decreased by 17.78%, contributing to the list-to-sell ratio reaching 98%, indicating a sellers' market. Average home prices also increased across all categories, with detached homes now averaging $556,000, apartments at $282,500, and townhomes at $372,400. Low interest rates and a strong BC economy are expected to sustain high demand, especially for homes priced under $550,000

Uploaded by

api-305341413
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
21 views

Central Okanagan First Quarter 2016: Macdonald Realty Kelowna

The real estate market in the Central Okanagan region saw significant growth in the first quarter of 2016 compared to the same period the previous year. Home sales increased by 18.8% overall, with detached homes up 13%, townhomes up 22.2%, and apartments up 38.5%. Inventory decreased by 17.78%, contributing to the list-to-sell ratio reaching 98%, indicating a sellers' market. Average home prices also increased across all categories, with detached homes now averaging $556,000, apartments at $282,500, and townhomes at $372,400. Low interest rates and a strong BC economy are expected to sustain high demand, especially for homes priced under $550,000

Uploaded by

api-305341413
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Statistics for March 2016

CENTRAL OKANAGAN FIRST QUARTER 2016


The Central Okanagan market for the first quarter of 2016 has performed positively recording 1,317 sales for the first
quarter compared to 1,108 sales for the first quarter of 2015. This is an increase of 18.8%. Detached single family unit
sales increased 13%, while strata apartments increased 38.5% and townhomes increased 22.2%. The demand for strata properties is high right now with the number of strata sales accounting for almost half of the residential market.
Inventory for March of 2015 at the end of the first quarter stood at 3,549 units. Now the level is 2,918 units for a decrease in total inventory of 17.78%. As new inventory comes on the market, it will be absorbed quickly according to
the current trend. The list to sell ratio is now 98%, tipping many sectors of the market into sellers market territory.
The average price for a single family detached home stands at $556,000 (up from $487,900 last year). The average
apartment price has moved to $282,500 from $253,000 and the average townhome price sits at $372,400 which is up
from $355,700. Another positive indicator is that new projects are selling well with a large interest in pre-sales.
Low interest rates and positive economic news in BC will continue to put pressure on the local real estate market, especially under $550,000. Another interesting statistic shows that although the Alberta buyer segment has declined, it
has been replaced by the Lower Mainland buyer.

Follow us on Twitter @macrltykelowna

Source: OMREB

Central Okanagan
Comparative Statistics
2015

Total Active Residential


Listing Inventory

855

1111

Residential Units Sold

303

249

Average Days to Sell (Res)

63

72

Price Ratio

98%

97.3%

Number of Sales
All Categories (Month)

636

Median House Price (YTD)

Central Okanagan
Comparative Statistics
Strata Properties

MARKET
INFORMATION

MARCH 2016
2016

Prepared by: Donald Gerein

513

$513,000

$462,500

Average House Price (YTD) $556,600

$487,900

THE LIST-SELL
RATIO IS UP TO 98%
- THE HIGHEST IN
SEVERAL YEARS

FOLLOW US ON TWITTER

@macrltykelowna

MARCH 2016

Listing
Inventory
Units Sold
(Month)
Av. Days to Sell
(Y.T.D)

Apartment

Townhouse

2016

2015

2016

2015

447

570

273

368

135

95

91

81

70

91

82

62

Central Okanagan
Quick Summary

Macdonald Realty Kelowna


In Your Neighbourhood
2700 Richter Street
www.macrealty.com

Total Units Sold


Total Sales Volume
Residential Units Sold
Res. Sales Volume
Total Listings Taken
Total Listing Inventory

March
2016

February
2015

636
$299 Million
303
$171.7 Million
1,133
2,921

448
$198 Million
194
$107 Million
861
2,748

March
2015
513
$217 Million
249
$123.7 Million
1,206
3,551

You might also like