Vancouver market sizzling hot and Kelowna inventories are down

by Jas Khunkhun

Vancouver

January was another sizzling month for real-estate sales and prices across Metro Vancouver.

The Real Estate Board of Greater Vancouver says last month was the second busiest January on record as residential property sales in the region jumped nearly 32 per cent, compared to January of last year.

Board president Darcy McLeod says buyers are clamouring to purchase, owners are hanging onto properties, and the result is soaring prices in a red-hot, seller’s market.

According to the Real Estate Board, the estimated price of an average home across Metro Vancouver leaped nearly 28 per cent to just under $1.3-million from January 2015.

The price for a similar property on Vancouver’s west side neared $3-million, a 25 per cent increase over the same period.

Sales figures cover a region from Whistler to South Delta and east to Maple Ridge, but do not include Surrey or North Delta where the average price of a home was between $700,000 and $800,000 in 2015.*

Kelowna

The  2016 listings of 652 were down -9.57% from listings in 2015,  sales were up 8.29% over 2015 and days to sell dropped a whopping -17.2%.

Residential homes: Listings were down 7.01% and average price was up to $529,908. (9.45 % over January 2015).  This indicates a strengthening of prices until inventories rise dramatically.

Condos: Opening inventory of only 132 listings,  is a decrease from 2015 by -7.69%.   The average price has jumped from January 2015 at $226,470. to  2016, $254,977.

Townhouse: Listing inventory in 2016 is down 25.58% from January, 2015.   Average prices are up 2.6% over January, 2015 to $354,128. Days to sell have reduced from 115 days in 2015 to 87days this January!

Summary

Inventory of houses for sale was down from 2015 by 11.89 %     Lower inventories and greater demand will move prices upward  this year again.  Alberta and other major oil producing Western provinces will have a bit of influence in our market (Alberta buyers are only 13 to 15% of buyers overall in the Okanagan)

*courtesy of Castanet