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Sizzling December residential real estate sales in Okanagan/Shuswap areas

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Sizzling December residential real estate sales in Okanagan/Shuswap areas
Sizzling December residential real estate sales in Okanagan/Shuswap areas – Jan 8, 2016

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.

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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.

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“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.

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