Housing sale slowdown in Okanagan
A slowdown in housing sales in the Central Okanagan in April.
Just over 17 hundred homes were sold in the region, which was a 31.9 percent decrease from a record setting April of 2021.
“It is important to remember that this is not the same market we had a year ago. For almost the entire year in 2021 we had record highs each month, so to say sales are down does not mean they are low they are just lower in comparison to a time of unusual real estate market activity,” says the Association of Interior REALTORS President Lyndi Cruickshank.
The lack of inventory is still putting upward pressure on prices.
"Despite an increase in new listings, housing supply remains light, which points to a problem we’ve been stressing for a while: a generalized lack of housing supply. What we need is more homes getting on to market to meet demand and that is the real challenge,” notes Cruickshank.
The average number of days to sell a home dropped down to 39 days from 46 days last month.