Vancouver, BC – November 13, 2019.
The British Columbia Real Estate Association (BCREA) reports that a total of 7,666 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in October, an increase of 19.3 per cent from the same month last year.
The average MLS® residential price in the province was $724,045, an increase of 5.1 per cent from October 2018. Total sales dollar volume was $5.55 billion, a 25.4 per cent increase from the same month last year. “Most markets around the province are returning to a more typical level of sales activity,” said BCREA Chief Economist Brendon Ogmundson. “That recovery in sales and slower listings activity is putting upward pressure on prices in many markets.”
MLS® residential active listings in the province were up 1 per cent from September 2018 to 36,567 units, although down slightly when compared on a seasonally adjusted basis. With sales and listings down, overall market conditions in the province have tightened, with a sales-to-active-listings ratio of 21 per cent.
Year-to-date, BC residential sales dollar volume was down 9 per cent to $45.3 billion, compared with the same period in 2018. Residential unit sales were 6.2 per cent lower at 65,468 units, while the average MLS® residential price was down 3 per cent year-to-date at $691,618.
Focusing in on the Central Okanagan, the Average Residential Price stood at $516,940, which was up 2.3% on this time last year, and the number of active listings stood at 3,650 down 3.5% on this time last year.
Both figures seem to be good news for the Kelowna & Central Okanagan Real Estate Market, with prices holding steady and inventory now being absorbed.