Residential sales for July continued to climb with an increase of 38% compared to June totaling 1,094 units across the region of Revelstoke to Peachland, up 35% compared to this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).
New residential listings remained the same as last month clocking in at 1,494 new listings yet saw an 18% increase over the same time last year. The overall number of active listings however fell off 2% over June’s inventory of 3,962 and remained 14% lower compared to last year July’s inventory of 4,527.
“We are seeing a pent-up demand propped up by consumer’s desire for more space in the wake of the pandemic,” says OMREB President Kim Heizmann, adding that “while this is not normal market activity, there is nothing typical about 2020.”
“It will be interesting to see whether this demand sustains through the rest of the year.”
The average number of days to sell a home, always a good barometer to watch, saw a slight increase of 5% to 89 days.
Condo/Apt
Sales 150
New Listings 271
Current Inventory 707
Sell/Inv. Ratio 21.22%
Days to Sell 81
Average Price $360,253
Median Price $338,500
Townhouse
Sales 123
New Listings 151
Inventory 383
Sell/Inv. Ratio 32.11%
Days to Sell 63
Average Price $550,230
Median Price $525,000
Lots
Sales 40
New Listings 83
Inventory 454
Sell/Inv. Ratio 8.81%
Days to Sell 179
Average Price $374,327
Median Price $333,750
Residential
Sales 336
New Listings 479
Inventory 1,055
Sell/Inv. Ratio 31.85%
Days to Sell 65
Average Price $812,875
Median Price $725,000
Ratio of Sales vs Inventory 29.65%