Okanagan Real Estate Sales Soar in 2014
2014 Sales
The numbers are in: Kelowna real estate had a banner year in 2014, with Central Okanagan home sales the highest they’ve been in nearly seven years. In this interview with Global TV, Kelowna real estate agent Tracey Vrecko discusses the trend and explores what’s in store for 2015.
Video Transcript
Tracey Vrecko shows off one of her listings. It’s in the Upper Mission of Kelowna.
“This is what outdoor living is all about in the Okanagan,” says Vrecko. “Sitting out here and capturing the breathtaking views of this beautiful landscape.”
Vrecko’s part of a husband-wife team (Quincy Vrecko & Associates). They had a very busy 2014 with a 20 per cent increase in their sales over the previous year.
“We’re usually anticipating moderate increases and staying very conservative, ever since the recession, so to see a double-digit increase—a 20 per cent increase—is significant,” says Vrecko.
Even December, which is typically a quiet month in the world of real estate was anything but.
“We did see an unusual amount of activity,” says Vrecko. “Web traffic was up and sales were up. It was a very unusual December.”
Vrecko is not alone. Across the region, residential sales for 2014 were up 24 per cent from the year before, the strongest increase across the Okanagan Mainline Real Estate board in seven years, an area that spans from Revelstoke to the Shuswap to the Central Okanagan.
“This has been a long time coming,” says Tim Evans, member of the Okanagan Mainline Real Estate Board. “There’s been quite a built-up demand. A lot of people have been sitting on the fence waiting to decide when was the right time to buy into the market.”
Kelowna Real Estate experienced more than a 20 per cent increase in home sales from 2013 to 2014.
“We’re now seeing that confidence return to the market,” says Evans. “Prices have stabilized and in some places they’re going up, so the buyers are coming back into the market, especially in the last six months with much improved confidence and assuredness that they’re not going to be buying something that could potentially depreciate in value.”
With inventory going down, the board expects busy times ahead, at least for the valley’s construction industry.
“The building industry is always what then spins through the rest of the economy, from the trades to the supplier to the people who sell trades and furniture and everything else. That benefits the entire Okanagan ecomony.”
It also benefits realtors like Vrecko, who is ready for what she hopes will be another busy year ahead.
“I think in 2015 that momentum is going to continue,” says Vrecko. “I think you’re going to see the first quarter a lot busier than we normally do.”
Read the article on CHBC – Global News Okanagan.
Are you looking for your dream home among Kelowna real estate listings right now? Read Quincy Vrecko & Associates‘ post New Year, New Home: Kelowna Luxury Homes for Sale.
