Residential sales increase as market slowly recovers

Residential sales across the region of Revelstoke to Peachland increased 11 per cent from June’s 725 sales, totaling 810 sales in July, which meant a 9 per cent increase over this time last year, according to the Okanagan Mainline Real Estate Board.

The average residential price in July of $543,587 was only slightly higher than last month’s average price with a 3.5 per cent increase, yet stayed below last year’s at just 3 per cent lower.

A closer look shows single-family home average price fairly constant with last year, whereas the average for condominiums rose 9.3 per cent.
The average price for townhouses clocked-in 3.5 per cent higher than last month.

“While sales prices have experienced a moderate climb throughout the year, inventory has plateaued as potential sellers in the region could still be holding back waiting for the market to fully recover,” says OMREB President Michael Loewen.

In the North Okanagan, 240 homes and properties were sold in July, with sales volume of over 120 million dollars.

The sales activity was up 10 percent from a year ago.

The average home is selling for $518,690, up one percent from last year, and homes are taking an average of 67 days to sell.

Region-wide, new listings were 1,257 compared to June’s 1,439 and 1,461 this time last year. The supply of homes for sale, or overall active listings, shows a moderate decline of 2 per cent, currently at 44,527, yet up almost 7 per cent compared to a year ago.

“With a record number of new build construction across the province, most of which are apartment units, inventory could be affected going forward,” notes Loewen, adding “these new constructions are still being completed and have either not yet been listed, or pre-construction buyers have not yet listed their old homes.”

In keeping with summer market activity, the average number of days to sell a home decreased in July to 75 days versus June’s 84 days.

“It will be interesting to see if demand will slowly normalize. If so, days on market should get back to normal towards the latter part of the year.”

OMREB serves three markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke).

For detailed statistics, by zone, visit www.omreb.com.