It’s been a record year for BC Real Estate Sales, according to a report today from the British Columbia Real Estate Association (BCREA).
A record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year.
Compare how Kelowna and the Central Okanagan Real Estate Numbers looked against the rest of BC Real Estate?
In the Central Okanagan sales numbers are up 25.6% and Average Prices are up 13.1%, but some sectors of the market have risen more.
Across BC the total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.
“Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year,” said Cameron Muir, BCREA Chief Economist. “However, home sales have fallen back from their lofty peaks early last year.”
The seasonally adjusted annual rate of sales activity was approximately 92,000 units in December. A total of 4,721 residential unit sales were recorded by the MLS® in December, down 28.4 per cent from the same month last year.
Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year. The average MLS® residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.
Compare Kelowna and Central Okanagan Sales Numbers to the rest of BC
One of the reasons prices are continuing to rise in the Central Okanagan, is the lower inventory. You can see form the table above invetory has fallen by 29.1% this last year.
Are you thinking of Buying or Selling Real Estate in Kelowna or the Central Oakanagn Valley during 2017? Give us a call, email or ‘Live Chat’ with us. We’d love to help you!
Trish and Tanis
Tel 250 863 8989