The Central Okanagan residential real estate market saw a slight decrease in residential home sales in January 2019 from December 2018 and a 31% decrease from January of 2018. The year-over-year decline can be attributed to mortgage stress tests, the speculation tax, and higher interest rates posed by the government.
New listings in January 2019 more than doubled from the previous month and are up by 26% from January 2018. Time of year contributes greatly to the number of new listings hitting the market.
Average days on market (DOM) in January 2019 experienced slight increases from the previous month and year. Average price for all residential decreased by 4% from last month and by 6% from this time last year. Longer average DOM will cause the average price to further moderate.
If you have any questions on this information or would like to set up a consultation, feel free to contact Jeff Creamer by filling out this form, calling 250-575-7112 or emailing jeff@shopkelownahomes.com.