Real Estate Sales Dip
The Okanagan Mainline Real Estate Board says its taking 122 days to sell a home compared to stats from June of 2018 the average was 51 days.
In the North Okanagan - the average price of a home is $482-thousand dollars, a decrease of almost 4% from June of last year. Overall sales in the region are also down 4.8%. Below is the complete report:
Residential sales across the region of Revelstoke to Peachland totaled 725 in June, a decline from May’s 780 sales, and 9% fewer than this time
last year reports the Okanagan Mainline Real Estate Board (OMREB). June’s average price of $525,303 was only marginally less than last month’s pricing at just 3% lower and clocked-in at 4% less than last year’s average. A closer look shows single-family and townhouse pricing constant with last year while condominium pricing showed a decrease of almost 3%.
“While sales levels have maintained momentum more than in other markets, we continue to see the fallout of federal mortgage policy creating pent-up demand,” says OMREB President, Michael Loewen.
The number of new listings in June were down 17% from last month and 14% fewer from last year this time, yet the number of homes available rose 12% over this time last year. “We typically see the market slow as compared to the busy spring months and this past June was no different. This, coupled with an increase in housing supply helped move the market closer to balanced conditions,” notes Loewen, adding “despite muted demand and growing
housing inventory, prices continued to remain buoyed.”
“What we really need is for government to focus on creating more favourable conditions to facilitate builders and developers to bring housing projects to market faster in order to better respond to increases in demand.” The average time it took to sell a home was 84 days in June, higher than May’s 71 days and last June’s 60 days.
OMREB serves three diverse 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).