The 2016 single family home prices rose 16.95% on average and the median price rose 14.94%. Days-on-market dropped from 65 to an average of 51 days. For all residential sales, average prices were up 13.75%, the median price rose 10.51% and the days-on-market dropped from 75 to 57 days. Dollar sales rose a whopping 41.46% over 2015 with unit sales rising 26.5%. An interesting item for the month of December is that for homes priced under $480,000, unit sales actually dropped. However, for those over $480,000 they rose significantly with the overall result that December unit sales were 19% over December 2015.

The year ahead, according to our crystal ball, will be another dynamic year. With an “Apprentice” president, South of the border, politics will undoubtedly provide for lots of water cooler talk. We believe the reality will be much less dramatic than the election suggested and that life, business and the economy will continue to grow throughout 2017. Any small lessening of migration from Vancouver is likely to be offset by increases from Alberta as the Alberta economy continues to improve. Overall we expect another good year with slightly moderated real estate price increases. Kelowna continues to be a well-managed city and is handling the growth well. We are lucky to live in this part of the world!

Peter Kirk, Owner/Managing Broker
RE/MAX Kelowna

_{Not intended to solicit properties currently listed for sale/under contract. Based on MLS® active residential listings taken & sold units as reported by OMREB in 2016 for Central Okanagan.}