2016 Okanagan Real Estate Market Summary
This Okanagan real estate market summary shows that 2016 was an extremely active year for the region that put Buyer’s on high alert and put Seller’s in the hot seat. The pressure was high as Buyer’s raced to see properties before they had accepted offers. This pushed MEDIAN prices up 10.51% in every category of Residential properties.
Below are some interesting stats from 2016 on the Okanagan real estate market summary
Sales and Median Prices:
The number of Sales in 2016, in all residential categories, increased 24.36% !!
Single Family Home prices increased by 14.94% over 2015 from 478,500 to $550,000.
Condominium Properties saw an increase of 12.18% in 2015’s median price from $234,000 to $262,500
Townhome median price rose 8.52% over 2015 from $354,690 to $384,900
Lots sold for 4.79% more than last year with a median price of $220,000, up from $209,950
The List to Selling Ratio was an impressive 97.67% for Residential properties.
In terms of marketing stats for the Okanagan Real Estate market summary, check out the figures below.
Inventory and Days on Market:
Looking back year over year, 2016 had 2.07% increase in Residential listings with a total of 8,856 but when we include lots, acreages, Commercial, farms and multi-family the number drops to 1.42% increase in listings over 2015.
Although listings were up slightly, the properties were selling quickly leaving many buyer’s empty handed. Multiple offers and back up offers were once again common place.
The average Days on the Market for every Residential category was 57 days! Last year it was 76 days, a 23.85% decrease.
What is in store for 2017? New construction should help infuse some fresh product into a depleted inventory but with record numbers of Vancouverites planning on leaving the big city for a more relaxed lifestyle, the Okanagan real estate market will be fast paced again this year. Supply and demand will dictate pricing and affect the entire buying process, putting pressure on buyers to be prepared, focused and ready to act. Regardless of other economic factors like oil & gas, employment and currency exchange rates, the Boomers are prepared to buy now at today’s prices anticipating home value appreciation. Over inflated Vancouver prices may be correcting, but home owners recognize they still have strong market appreciation to cash out and set themselves up very comfortably in Kelowna and other Okanagan communities.
The population in the Okanagan Valley, especially Kelowna, will expand at a record setting pace over the next ten years driving home values up, creating jobs in infrastructure, education and medical services. UBCO is positioned to supply the qualified work force that employers will be seeking in the tech industry, health care and other fields in anticipation of this growing demand.
Visit my website or Facebook business page to see the break down for pricing in each Kelowna neighbourhood. I would be happy to discuss my Okanagan real estate market summary with you at your convenience.
If you or someone you know is considering selling or acquiring property, I am always pleased to work hard on my clients behalf. Let’s keep in touch. New business is the kindest compliment and repeat business is the most satisfying reward.
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