Wednesday, 8 April 2015

OMREB Media Release: Okanagan-Shuswap Housing Market Continues to Strengthen

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported March 2015 sales activity of all MLS® property types improved 21% compared to the same month in 2014 and saw a 14% improvement year-to-date over the first quarter last year (January through March).

“The Okanagan-Shuswap market continued to show strong growth in March with sales being driven by confident local buyers rather than recreation and retirement buyers from Alberta where the economy has taken a downturn. Days on market for all property types in our Board area continues to improve and is now at 103 days on average compared to 122 last year at this time,” says Christopher Miller, OMREB President and active REALTOR® in the Central Okanagan.

“The first quarter sales for 2015 in the OMREB are at a much stronger level compared to the same period in 2014. An increase in demand has outpaced supply in some segments that have edged firmly into seller’s market conditions. While selection has been reduced with the ongoing decline in inventory, the price of single family homes is steady and strong in most areas with modest gains seen in some locations where supply has tightened.”

To read the full release including specifics on the North Okanagan and Shuswap regions, click here.

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