Okanagan Mainline Real Estate Board expected an up trend in the month of May, which is typical of the housing resale market as buyers and sellers take advantage of the warmer weather and spring market activities. The Kelowna area showed an increase of residential MLS® sales by 12% over May 2012.
New listings are continuing to decline as total inventory decreases. New listings totalled 1,062 for the month of May down 11.9% compared to 2012 and the year to date totals are also down 10.3%. Total listings are now at 4,737 compared to 5,283 a year ago. This trend is leading to a healthier and more balanced market for Kelowna and surrounding areas of the Okanagan.
After a number of tough years the Okanagan real estate market appears to be making a come back! Read more in the May 2013 CMHC real estate report for Kelowna and the Okanagan Mainline Real Estate Boards June Update.
