The real estate market is showing no signs of cooling. The BC Real Estate Association reports a 30% increase in real estate sales during April 2016 compared to April 2015.

Peachland to Revelstoke, overall real estate sales of properties and homes in April 2016 climbed 40% – that’s 1,208 units compared to April 2015! Meanwhile, new real estate listings taken was up only 1.2% and total active listings active listings declined 16% to 6,003!

Overall, Buyer confidence is good. BC’s economy remains the envy of the country. We’re seeing record consumer demand right now. This is the fewest active residential sales we’ve seen since 2007.  

All this said, statistics are a funny thing. What does it really mean? Not as much if you are selling real estate in the $650,000+ price range. These home Buyers have high expectations, want to see big value and aren’t rushing to view homes and MLS listings unless they are competitively priced. So, while we are seeing more Buyers in the North Okanagan and Shuswap in general, they are selective when shopping in this price range.

North Okanagan Real Estate Market (Vernon, Coldstream, Armstrong & Areas)

6 8800 Adventure Bay Road, Vernon, BC

Sales Activity, April 2016 Compared to April 2015

• Overall sales up 33.5% to 271 units.
• Total residential sales up 28.6% to 243 units.
• Single Family home sales up 39.2% to 142 units.
• Total new residential listings totaled 360 – this is down 11.1%.
• Single Family homes new listings edged back 1.4% to 205 units.
• Average number of days to sell 84 vs. 80 in April 2015.

Shuswap Real Estate Market (Salmon Arm & Mabel Lake Areas)

7.8 Acres – 1080 54 Avenue NE, Salmon Arm, BC

Sales Activity, April 2016 Compared to April 2015

• Overall sales up 11.8% to 114 units.
• Total residential edged back 1.2% to 86 units.
• Single Family home sales up 13.3% to 51 units.
• Total new residential listings totaled 219 – up 1.4%.
• Single Family homes new listings dropped 9.7% to 205 units.
• Average number of days to sell 82 vs. 131 in April 2015.

Source: Real Estate statistics provided by the Okanagan Mainline Real Estate Board http://www.omreb.com/