A Strong Summer for the Okanagan-Shuswap Real Estate Market

Okanagan-Shuswap

Well, September is here and fall is just around the corner. The August sales stats from the Okanagan Mainline Real Estate Board (OMREB) have also arrived at Quincy Vrecko and Associates, so that means we can take a look back at how the Okanagan-Shuswap real estate market performed over the course of summer 2014.

It’s fair to say that the market has bubbled along nicely all summer long. Indeed, July 2014 was the best July that the Okanagan real estate market has seen since 1980! August was also a strong month with sales on all MLS® property types up 23% overall, compared to the figures for August 2013.

In a press release discussing the stats, Okanagan Mainline Real Estate Board President Darcy Griffiths stated: “Year-over-year and month-over-month, the Okanagan-Shuswap housing market continues to strengthen and has maintained a strong upward sales trend for the past six months as we make steady strides toward recovery… More buyer activity in the higher price range reflects the renewed confidence of BC consumers as our provincial economy improves and the return of Alberta buyers as they cash in on booming job opportunities and accelerated market values in their province.”

The region that saw the most significant improvement in sales activity for August 2014 over the same month for 2013 was the Shuswap, with an increase of 34%. Meanwhile, the Central Okanagan’s figures were up 23% and the North Okanagan saw an increase of 15%.

Whether you’re looking to buy or sell a piece of luxury Kelowna real estate or a modest family home, please contact us.