December was an interesting end to 2017! Despite cold weather, there was some significant activity, especially in higher end properties. It was exciting to see our first sale over $1 million on Silver Star Mountain since 2008!
On the other hand, it was a typical holiday month with Sellers and Buyers too busy to focus on listings or viewings. This sentiment is reflected in the latest sale and new listing statistics which were on trend with volumes from December 2016. In the Okanagan/Shuswap region, between November and December however, new listings declined 24%. MLS sales also decreased a whopping 65% with inventory still remaining at an all-time low!
Okanagan Mainline Real Estate Board (OMREB) reports a few anomalies. First, December’s average home price rose 3.5% over November. Secondly, average days on market decreased.
As of January 1st we watched as the Federal Government rolled out its 7th round of mortgage tightening rules since 2008 (wow!). New rules include requiring buyers with 20% or more down payment to pass a new ‘stress test’ to prove they could cope with the potential of higher interest rates. We will be meeting with our mortgage broker experts over the next week to gain full insight on how to guide our clients and we will be ready!
*Real Estate Statistics – December 2017 vs December 2016
North Okanagan: Vernon, Silver Star, Coldstream, Armstrong, Lumby & Enderby
- Overall sales up 5% to 122 units.
- Single Family home sales up down 5% to 57 units
- New listings, down 22% to 105 units.
- Active listings down 11% to 1,012 units.
- Single Family homes listed down 6% to 44 units.
- Average days to sell down 21% to 77 days.
*Source: Okanagan Mainline Real Estate Board (OMREB) Statistics, (Monthly Statistics, December 2017)
