July was very hot in Okanagan Valley. Real estate market was thrilled by amount of buyers and shortage of available listings. This was a 20% increase over July 2015. According to data from OMREB (Okanagan Mainline Real Estate Board), there 56% of buyers are local, 18% are from the Lower Mainland and 12% are from Alberta. Families with children represent the largest portion of buyers at 25%. Couples without children are a close second at 24%. Empty nesters or retirees represent 20% of buyers.
There is graph represents how the real estate prices were changing for the past 5 years.
Were you wondering what area can bring you the highest rate of return? Don't just guess, check the statistic of average prices from this year to last one based on sub areas in Kelowna.
For more information about current listings, market updates and any questions, please feel free to contact me.