The Okanagan Mainline Real Estate Board (OMREB) reports residential sales across the region of Revelstoke to Peachland continued a downward trend with 742 sales - 23% lower than this time last year.
"The Okanagan continues to show signs of a Balanced Market this past month which typically exhibits housing supply and demand at the same level with home prices rising in line with the long-term average rate of inflation," states Grant Waidman, Kelowna REALTOR®.
Despite this market transitioning period July’s average price held strong at $559,235, which is an 11% increase over this time last year with days on market also staying consistent.
So where are these buyers coming from? Based on data gathered by OMREB over the past 8 years the largest buyer group (consistently 50-60%) are local buyers from the region, with those from the Lower Mainland/Vancouver Island comprising the second largest buyer group (~20%). Foreign buyers comprise less than 3% at any given time and those from other provinces are less than 15% (of which Albertans are around 10%, depending on the year).
Key Single Family Residential Market Stats for the Central Okanagan:
- 492 new listings
- 201 sold listings
- 44 average days to sell
- $782,398 average single family residential price
If you are looking to sell in the Okanagan now is a great time! Learn more on how GWG can help sell your home quicker and for more money at www.gwgkelowna.com/sell-with-gwg