KELOWNA – The Okanagan Mainline Real Estate Board reports record high residential property sales in December.
The 444 units sold represent a 6.7% increase from the same month in 2014.
The statistics are for the central and north Okanagan and the Shuswap-Revelstoke areas.
Last month’s sales helped propel 2015 to being the busiest year since 2007.
A total of 7,988 residential sales were recorded for 2015, up 6.2% from the 7,525 sales in 2014.
“Considerable momentum has built up in the Okanagan housing market,” says Christopher Miller, OMREB President in a news release. “The exceptionally strong pace of December home sales will likely translate into a strong market in first half of 2016.”
Miller notes the inventory of homes on the market is down about 10% from a year ago, with fewer homes for sale since 2007.
“The central Okanagan and Shuswap markets have exhibited relative strength this year (2015) while housing demand in the north Okanagan has edged lower largely as the result of a weaker Alberta economy,” says Miller.