October 2015 Real Estate Buyer Results – Kelowna & Okanagan Region
OCTOBER SURVEY SUMMARY
23.9% by Move-Up Buyers (up from 21.9% in September)
18.1% by First Time Buyers (up from 17.2%)
17.7% by Buyers Downsizing (down from 16.8%)
11.9% moving from Single Family Home to Strata Unit (down from 12.1%)
11.5% buying Revenue/Investment Property (up from 10.2%)
4.6% buying Recreation Property (down from 10.2%)
3% moving from Strata Property to Single Family Home (up from 5.5%)
1.9% moving into Retirement Home/Seniors Community (up from 3.1%)
Buyer Type (Family Dynamic):
22.1% Two Parent Family/Children (down from 27.0% in September)
24.3% Empty Nester/Retired (down slightly from 24.7%)
27% Couple without Children (up from 20.2%)
9% Single Male (down from 13.7%)
16.5% Single Female (up from 11.0%)
2.3% Single Parent with Children (down from 3.4%)
60.5% from Within OMREB Board Area (up from 56.2% in September)
13.1% from Alberta (down from 14.4%)
9% from Lower Mainland/Vancouver Island (down from 12.5%)
8.2% from Other Areas in BC (down from 6.4 August)
5.6% from Eastern Canada/Maritimes (up from 4.1%)
2.6% from Outside Canada (down from 4.1%)
0.8% from Saskatchewan/Manitoba (down from 1.1%)
0.4% from NWT/Yukon (down from 0.7%)
Okanagan Achieves Home Sales Record in October
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports that a new record for MLS® residential sales for the month of October has been reached. A total of 653 residential sales were posted last month, up 3.8% from the previous year, smashing the previous October record of 648 sold units set in 2007. Strong fundamentals have boosted consumer confidence and led to rising home sales throughout most of the Okanagan region.
BC’s strong performing economy, rock bottom mortgage interest rates and robust population growth have provided a solid foundation for the housing market. While the fallout from the collapse of oil prices has negatively impacted some BC communities, most of the Okanagan has experienced an increase in housing demand this year.
The inventory of homes for sale was down 8.6% in October compared to the same month last year. The combination of rising demand and fewer homes for sale has created sellers’ market conditions in some communities and product types,
Board-wide, total residential sales for the month were up 3.2% over last year at this time (at 655 units from 635) while year-to-date sales improved by 5.2% compared to 2014 (to 7,060 units from 6,712).
Single family home sales across the board area were essentially unchanged, albeit with 3 additional units, compared to October 2014 (to 341 from 338) while year-to-date sales were up 3.8% (at 3,701 from 3,564).
The average number of days to sell a single family home in October was at 88 days board-wide, compared to 112 days at this time last year. Year-to-date, homes are selling within 89 days compared to 105 days during the same period in 2014 (January through October).
The 1,002 new listings taken board-wide for the month were down 11.3% compared to the 1,130 listings posted in October 2014, while inventory (active listings) declined 9.7% to 6,090 from 6,742 last year at this time.
Central Zone (Peachland to Lake Country): During October, overall sales of all property types in the Central Zone were up 9.2% with 476 units compared to 436 in 2014. Year-to-date sales activity increased by 7.0% compared to the same period last year (January through October) to 5,060 units from 4,730 in 2014.
Total residential sales for the month rose 9.0% to 435 units compared to 399 in 2014, and was up proved by 9.0% year-to-date (to 4,714 from 4,325). The sale of single family homes was up 6.4% over last October (to 216 from 203) and was up 7.8% year-to-date (to 2,388 from 2,216).
Average days to sell a single family home in the Central Okanagan in October was down to 67 days compared to 69 in 2014, while year-to-date averaged 64 days compared to 73 during the same ten-month period last year.
The 644 new listings taken in the Central Okanagan during the month was 15.3% less than the 760 in 2014.