Kelowna Real Estate Market Stats - April 2016

The Okanagan Mainline Real Estate Board (OMREB) reports an all-time record of 1,069 residential sales posted to the Multiple Listing Service (MLS®) in April, up 34.3% from the same month last year. The previous record was 1,015 unit sales recorded in May 2007. The average MLS® residential price was up 13.4% to $459,595 compared to April 2015. The dollar volume of residential sales climbed 52.3% to $491.3 million compared to April of last year.A few notable single family residential stats for the Central Okanagan from April 2016: 

•  496 new listings
  
•  383 sold listings
  
•  50 average days to sell  (down again from last month)
  
•  $563,775 average single family residential price (up again!)
  

Kelowna real estate expert Grant Waidman confirms that an increase in the number of local buyers, relocations from the Lower Mainland and other regions of Canada are becoming increasingly common and more listings are still needed to help service this demand. If you are thinking of selling contact Grant Waidmannow to learn how these tightened market conditions can affect your listing price and time on market.