Kelowna Real Estate Market Stats - November 2016

(December 09, 2016 )

Okanagan Mainline Real Estate Board (OMREB) reports residential sales in the Okanagan (Revelstoke to Peachland) continued to slow in November with 571 sales posted to the MLS®.  This transaction volume is down 26% from last month but still shows a 4% increase over November 2015.  

Key Single Family Residential Market Stats for the Central Okanagan (Peachland to Lake Country):
  • 223 new listings
  • 161 sold listings 
  • 54 average days to sell
  • $610,573 average single family residential price  
Kelowna REALTOR® Grant Waidman states, “while these statistics show continued signs that the market is normalizing it is 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 (60%) with foreign buyers rising to 2%.  

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 - November 2016