First and foremost Happy New Year to you! I hope you all had a wonderful relaxing time with family and friends.
We seem to have had quite the snowfall since Christmas, but, at least, it hasn’t been too cold so far.
Buyers were still active, in the Kelowna Real Estate Market, during the month of December and one or two Sellers decided to place their homes on the market now, rather than wait until spring, as inventory remains low.
Central Okanagan Residential Real Estate Sales December 2015
Residential Sales were up 13.7% on this time last year, with Single Family Home sales being up 14.1% and Strata sales up 28.1%. Single Family Home sales remained on a par with last month’s numbers, which is unusual, as December is usually quieter.
This graph highlights, just how strong sales have been this year, with numbers being very close to our peak numbers in 2007.
Months of Inventory – Key Areas of the Kelowna Real Estate Market December 2015.
Looking at the key areas of the market that we follow each month, the number of Single Family Homes that are currently for sale in the Kelowna and West Kelowna area, really stands out. It has fallen from 221 homes for sale at the end of November to 105 homes at the end of December.
The 31st December is a common day of the year for listings to expire, so I expect that numbers are slightly distorted, however, if inventory numbers don’t start to rise in the New Year, and sales numbers stay the same, we will certainly see some upward pressure in the affordable family home market.
Some final thoughts, on the Real Estate Market, for the coming Year.
I know people are expressing concerns about how oil prices will affect the Real Estate market, as it seems that a lower price for oil is here to stay, for the next while.
Alberta is being badly affected economically, and this will have some affect on the number of Buyers in the Okanagan area this year. That being said, Alberta buyers represented just over 12% of our total buyers last month, so I am not seeing that as a huge factor.
A further tightening of lending policies, by the Financial Institutions & a rise in interest rates, are more likely to be a key factor. We saw a much higher number of deals collapse due to financing issues during 2015.
For those of you on Facebook, we launched a new specialist page ‘All About Quail Ridge and Univeristy Village’ last month, do stop by and ‘like’ our page https://www.facebook.com/allaboutQuailRidgeandUniversityVillage
Trish and Tanis
Tel 250 863 8989
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