Published On: Wednesday, 09 August 2017
Okanagan Sees Strong Residential Sales Despite Summer Slowdown
KELOWNA – Residential sales in the Okanagan region of Revelstoke to Peachland moderated slightly in July, with 961 sales posted to the Multiple Listing Service (MLS), down 6% from June, and just 2% fewer than July last year reports the Okanagan Mainline Real Estate Board (OMREB).
“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,” says OMREB President Tanis Read.
At $504,712, the average July price in the region was a mere 1% lower than June and 6% higher than this time last year, while days on market, or the average time it takes to sell a home, was 63 in July, as compared to 73 in June and 79 last year.
Year to date, buyers of homes in the region served by OMREB were primarily those who already live in the area, at 56%, with first-time buyers accounting for 20% of the buying population, followed by move- up buyers at 17%.
Buyers from the Lower Mainland and Vancouver Island accounted for 19%, followed by Alberta buyers at 10%, with buyers from outside Canada comprising a mere 2%, according to a monthly survey that OMREB has conducted since 2010.
“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.