January’s Real Estate Numbers
There were 310 Residential sales in January across the region Revelstoke to Peachland, 4% fewer than December and a 31% decrease from this time last year.
“Residential housing demand continues to moderate, despite strong economic indicators, suggesting that government intervention is continuing to have an impact,” says OMREB President Marv Beer. “Buyers, particularly first-home buyers, are likely having to wait longer to realize the dream of homeownership or lessen expectations of what they can afford as a result of stricter housing-related policy.”
New listings more than doubled December, with 913 compared to 426 last month and 19% higher than last January. “This is the highest volume of new listings we’ve had for some time now,” comments Beer, adding “While we’re not out of the woods yet, this will help alleviate chronic housing supply shortages.”
The supply of homes for sale last January was sitting at just over 2000 as compared to the current inventory which has now topped the 3000 mark.
Average price, at $482,749, declined 4% from December and 8% from last January. Average days on market, always a good barometer to watch, rose to 102 compared to 99 for both December and last January. It’s important to note that OMREB reports an average of days on market and that the indicator will vary depending on home type and sub-region. “Typically, when properties take longer to sell, prices tend to moderate as conditions often give buyers an advantage and more opportunity to negotiate,” comments Beer, noting that slower activity is characteristic of the time of year.