The first quarter of 2017 came and went very quickly and was noted for low inventory and competition among buyers in spite of the poor weather. March of 2016 recorded 636 sales for a total sales volume of $299 Million, while 637 sales were recorded in March 2017 for a total volume of $310 Million. However, 244 residential units sold this March compared to 303 in March of 2016, which is indicative of the low level of residential supply. Total inventory sits at 2,274 units compared to 2,921 at the same time in 2016 (a decrease of 22%).
The average residential single family house price year to date is $633,000 compared to $556,500 last year. This is an increase of 13.73%. Days to sell now sits at 55 days, which is down 12.86% from last year’s 63 days. Demand has increased in the strata sector with strata apartments averaging $332,500 compared to $282,450 last year (+17.73%). Townhomes are very much in demand, averaging $436,000 year to date compared to $372,405 last year (+17.12%). Townhomes and strata apartments now account for about half of the residential units sold in the Central Okanagan. At this time, the Spring increase in listings is not sufficient to keep up with the demand.
Buyers are cautioned to get pre-approved for financing so they can submit a strong offer in this competitive market.