The trend continues when it comes to Okanagan real estate: Sales are down, and prices are up.
The Okanagan Mainline Real Estate Board reported Thursday that residential sales dropped in July and were down substantially over last year at this time.
There were 742 sales on the Multiple Listing Service between Revelstoke and Peachland, which is down seven per cent from June and 23 per cent less than July 2017.
“I think we can officially say that we are moving towards balanced market territory, although we are still at a point where the market tends to favour sellers more than buyers, yet not as much as in previous years,” OMREB president Marv Beer said in a press release.
There have now been five consecutive months of fewer sales in the Okanagan, but the number of available homes is 26 per cent higher than last year at this time.
The average price in July was $559,235, which was two per cent higher than June and 11 per cent more than July 2017.
“It takes time for those active in the market to respond to changing market conditions, so sales activity tends to fall before prices adjust,” Beer said. “Likewise, days on market is also a factor to watch, with longer days on market associated with downward pressure on pricing.”
OMREB reported 50 to 60 per cent of Okanagan buyers are area residents already, while 20 per cent hail from the Lower Mainland or Vancouver Island. Approximately 15 per cent hail from other provinces, and three per cent are foreign buyers.
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