Okanagan-Shuswap residential sales strong despite decreased inventory

Okanagan-Shuswap residential sales strong despite decreased inventory

Inventory struggling to keep up with demand, real estate board says

Residential sales between Revelstoke and Peachland remained high in August, despite a reduced listing inventory, according to a report by the Okanagan Mainline Real Estate Board (OMREB).

August saw residential sales decrease to 1,034 from last month’s 1,094 total units sold; however, numbers remain 43 per cent above August 2019.

New residential listings decreased to 1,237 from last month’s 1,494 and remain slightly below August 2019’s 1,246.

The overall number of active listings dropped to 3,658 in August from July’s inventory of 3,890 and came in 18 per cent lower compared to the same month last year.

“We are at a stage where inventory is struggling to catch-up to the demand, especially in the single-family category — the most desired type of property post quarantine,” said OMREB president Kim Heizmann. “August did seem to act in typical seasonal fashion, softening after a busy summer as we head into fall.”

The average number of days to sell a home in the region remained around 89 days, OMREB stated.

The Central Okanagan topped the charts for sales statistics — in pricing, number of sales and inventory — across the region for single-family homes, townhouses and condos.

Area-specific data can be viewed in the graph below:

READ MORE: Summer temperatures in Okanagan to continue through September

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