2017 is already off to a great start!
The first month of 2017 started off outperforming January of 2016 despite the weather.There were 277 sales in January compared to 235 last January (an increase of 17.8%). Of those sales 103 were single family homes, compared to 86 in January last year. Total sales volume was $134 Million, which is up 36% from $98 Million last year. Early indicators predict another robust year in the Central Okanagan.
Inventory will continue to be a challenge as total inventory now stands at 1,948 listings which is down 24% from last January. At this writing, there are 517 single family homes for sale compared to 717 last year at this time. Strata apartment inventory is down 35% to 244 units and townhouse inventory is down 29% at only 178 units.
The average single family home selling price topped $605,000 in January. Inventory offered below this price sells quickly. Multiple offers are common and sales of 5% to 10% over list price are common. In 2016, our single family residential average selling price jumped from $511,000 to $597,000, which is a 17% increase.
It is important for buyers to get pre-approved and pre-qualified for a specific mortgage amount so they can make a strong offer in what is sure to remain a very competitive market for buyers
For detailed stats click here!