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).

Just Posted

Tim Hortons delivers smiles for YMCA Kids

$29,000 raised through sale of cookies with proceeds to struggling kids and families in the Okanagan

Community Leader Awards: Anja Dumas

The Kelowna Capital News puts the spotlight on community leaders with annual awards

Sagmoen neighbours recall alleged hammer attack

Woman was screaming outside Maple Ridge townhouse in 2013

Blowing snow, slippery sections on Okanagan Connector

Compact snow, poor visibility on Highway 97 from Pennask Summitt to Brenda Mines.

IH adds immunization clinic Sunday in Kelowna

Drop-in meningococcal vaccination clinic on today at Community Health & Services Centre

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Family suspends search for missing Alberta couple, plane near Revelstoke

Due to bad weather, families of missing Albertan couple say they will resume in the spring

Fire crews investigating oil sheen on Penticton Creek

Fire crews are working to contain the oil from spreading

UBCO prof tests software to help cancer patients

Program may help those reluctant to engage ‘tough conversations’ in advance care planning

Broken de-icer delays flights at Kelowna airport

Passengers were on board for three hours Sunday waiting for departure to Vancouver

Canadian grocers make $3M per year from penny-rounding: UBC study

Ottawa announced plans in 2012 to phase out the copper coin

Well-known Canadian bird making a comeback

Once on the brink of extinction, the peregrine falcon no longer considered at risk in Canada.

Suzuki: Shine a light during dark times

People need to remain positive despite difficult and unpredictable political climate

Most Read