Kelowna Real Estate Market Stats - October 2016

(November 15, 2016 )

The Okanagan Mainline Real Estate Board (OMREB) reports residential sales in the Okanagan slowed in October with 779 sales posted to the MLS® (down 12% from September) which still represents a 16% increase over last October.  

Key Single Family Residential Market Stats for the Central Okanagan (Peachland to Lake Country):·        
  • 254 new listings 
  • 221 sold listings 
  • 50 average days to sell 
  • $613,148 average single family residential price 
Kelowna REALTOR® Grant Waidman states, “while these statistics show continued signs that the market is slowing it is consistent with the typical seasonal changes we see this time of year and are likely compounded by the recent Federal government measures including adjustments to income testing rules for borrowers requiring mortgage insurance.   Regardless we are still faced with a market where there are more buyers than homes to buy so now continues to be a great time to sell.” 

According to OMREB’s recent Buyer Survey the largest buying groups are those moving to a similar property type or are moving up primarily within the Okanagan. 

If you are thinking of buying or selling in the Okanagan be sure to contact the Grant Waidman Group to learn how they can help.  For more information visit www.gwgkelowna.com

Kelowna Real Estate Market Statistics - October 2016