Residential real estate sales in the Central Okanagan increased by 30% in March from the previous month, an expected upswing for the beginning of Spring; however, compared to March of last year, they are down by 17%.
Average price of single-detached residential homes and townhouses slightly decreased compared to March of 2018; average price of condos increased by 1.9%.
The number of new listings increased by 36% from last month, while March of 2019 saw 7% fewer new listings than March of 2018. A lighter housing supply this year can be attributed to the government imposing stricter mortgage rules, higher interest rates and speculation taxes.
Although a higher decrease in average days on market (DOM) is typically expected with a significant increase in sales, the overall residential market experienced only a slight decrease in DOM of 3% from the previous month. DOM is 34% greater this March than March of 2018.
If you have any questions on the information above or would like to take the next step in your quest to buy or sell a home, please feel free to contact Jeff Creamer by emailing jeff@shopkelownahomes.com or calling or texting directly at 250-575-7112. Also, receive weekly updates on the Central Okanagan real estate market by following Jeff on Facebook, Instagram or Twitter.