Looking at the MLS® sales figures for British Columbia as at the end of October 2018, the British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in October, down 26.2% from the same month last year. The average MLS® residential price in BC was $690,161, a decline of 4.1% from October 2017.
Total sales dollar volume was $4.2 billion, a 29.3 % decline from October 2017. “The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir, BCREA Chief Economist. “However, more moderate consumer demand has led to a much-needed increase in the supply of homes for sale.”
Total active residential listings were up nearly 30% to 36,195 units in October, compared to the same month last year. While the BC housing market exhibited balanced conditions overall in October, market conditions do vary between regions and by product type.
Year-to-date, BC residential sales dollar volume was down 22.1% to $49.7 billion, compared with the same period in 2017. Residential unit sales decreased 22.8% to 69,664 units, while the average MLS® residential price was up 1% to $713,662.
Summary of the Kelowna Real Estate Market October 2018.
In the Central Okanagan Area -:
Average Price Oct 2018 $507,222 Oct 2017 $526,418 - Down 3.6%
Active Listings 2018 3,783 2017 2,833 -Up 33%
Year to Date Unit Sales 2018 6617 2017 7,989 - Down 17.2%
Average Prices YTD 2018 $527,769 2017 $496,097 - Up 6.4%
To put things into perspective, even though Inventory levels are rising in the Central Okanagan area when we look at the seasonally adjusted numbers they are still well below the peaks seen in 2008 & 2009.