The Okanagan Mainline Real Estate Board reported sales activity of all MLS property types in September cooled off slightly on the heels of a hot summer market, although real state agents are still saying sales conditions are strong.
“Most sectors in the Okanagan-Shuswap saw a very active summer,” says Christopher Miller, OMREB President and realtor in the Central Okanagan. “While housing demand in our Board area has slowed down over the last week or two, sales activity remains relatively strong and seems to be extending into fall.”
During September, overall sales of all property types in the Central Zone, which spans from Peachland to Lake Country, were down 10.5 per cent with 495 units compared to 553 in 2014. Year-to-date sales activity improved by 6.7 per cent compared to the same period last year (January through September) to 4,582 units from 4,294 in 2014.
Total residential sales for the month dipped by 8.2 per cent at 461 units compared to 502 in 2014, but improved by nine per cent year-to-date (to 4,280 from 3,926). The sale of single family homes dropped 14.2 per cent over last September (to 212 from 247) but rose eight per cent year-to-date (to 2,173 from 2,013).
Average days to sell a single family home in the Central Okanagan in September was down to 62 days compared to 69 in 2014, while days to sell year-to-date averaged 64 days compared to 73 during the same nine-month period last year.
The 871 new listings taken in the Central Okanagan during the month improved by 11.4 per cent compared to 782 in 2014, while total inventory rose two per cent to 3,604 units from 3,533 last September.
With BC being the economic growth leader among provinces and mortgage rates remaining at historical lows, high consumer confidence continues to bolster the demand for homes in the Okanagan-Shuswap and has kept pace with other markets in the province.
“The inventory of homes for sale remains at low levels with essentially no significant upward momentum over the past few months,” Miller said.
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 continue to strengthen and see an improvement year-to-date over last year. The North Okanagan outpaced these zones with a vigorous run up of sales activity in 2014 and also saw relatively strong sales activity during 2015 but has lagged behind last year’s pace,” Miller points out.