Okanagan real estate sales dipped slightly in July

Okanagan real estate sales dipped slightly in July

Sales were off six per cent compared to June, according to Okanagan Mainline Real Estate Board.

Residential sales in the Okanagan and Shuswap, from Revelstoke to Peachland, dropped slightly in July, with 961 sales posted to the Multiple Listing Service , down six per cent from June.

According to the Okanagan Mainline Real Estate Board, the number of sales was two per cent lower than in July 2016.

“While sales activity typically slows over the summer months—with this July no exception—pricing and days on market continue to show strong demand for available housing supply,” said OMREB president and Central Okanagan realtor Tanis Read.

At $504,712, the average July price in the region was one per cent lower than in June and six per cent higher than this time last year. Days on market, or the average time it takes to sell a home, was 63 in July, compared to 73 in June and 79 last year.

“Although these figures offer a general overview of market conditions, averages tell only part of the story and prospective buyers and sellers can benefit from consulting a real estate professional about how current conditions impact the neighbourhood or housing type of interest,” said Read.

“One might be surprised at how sales and pricing within certain communities and/or housing types can run counter to general market conditions,” she added.

OMREB latest monthly report says were in this area, buyers are primarily those who already live here. They account for 56 per cent of the market. First-time buyers account for 20 per cent, followed by “move- up” buyers at 17 per cent. Buyers from the Lower Mainland and Vancouver Island account for 19 per cent of the market, followed by buyers from Alberta at 10 per cent. Buyers from outside Canada comprise just two per cent of the regional market.

“OMREB collects this data to inform our knowledge of the market and current trends, which, in turn, enhances our members’ service to Okanagan real estate consumers,” says Read, noting that, since survey inception, buyers have largely been those who already live in the region. While Alberta buyers were the next populous group until 2015, this group has since been displaced by buyers from the Lower Mainland/Vancouver Island.

OMREB breaks the area it covers into three separate markets—the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke).