Looking at the August 2017 BC Real Estate report, the British Columbia Real Estate Association (BCREA) reports that a total of 9,275 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 6.3 per cent from the same period last year. Total sales dollar volume was $6.48 billion, down 1.3 per cent from July 2016. The average MLS® residential price in the province was $698,761, a 5.3 per cent increase from the same period last year.
Strong economic growth, an expanding population base and a lack of supply continue to drive BC home sales and prices this summer,” said Cameron Muir, BCREA Chief Economist. “However, home sales have edged back 4 per cent since May, with active listings beginning to bounce back from a 20-year low,” added Muir. “If these trends continue, it may signal that more balanced market conditions could emerge before the end of the year.”
Year-to-date, BC residential sales dollar volume was down 19.3 per cent to $45.6 billion, when compared with the same period in 2016. Residential unit sales declined 17.0 per cent to 64,107 units, while the average MLS® residential price was down 2.8 per cent to $710,921.
BC Real Estate Average Residential Price, Active Listings & Sales to Active Listings
Looking at our Kelowna and Central Okanagan area average prices have risen 6% since this time last year. This should be emphasised as an average across our Real Estate Board area, as many areas in Kelowna have risen by a much higher percentage than that.
With Active listings continuing to fall, the best Buyers can hope for is a flattening out of the market at the moment.
July 2017 Year-to-Date BC Residential Multiple Listing Service® Data by Board
So far this year in the Central Okanagan the Dollar Volume of sales has fallen by 4.5%, and the number of units sold by 11%, but the average price has increased by 7.4%. This is significantly less than the areas surrounding Vancouver and Vancouver Island.
If you have any questions about our local Real Estate area, here in Kelowna of need assistance in Buying or Selling Real Estate in Kelowna and the Okanagan Valley, please do not hesitate to contact us!
Trish and Tanis
Tel 250 863 8989
Source: Summer Housing Market Continues to Sizzle | BC Real Estate Association