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January’s Residential Market Highlighted by Spike in New Listings

Thursday, Feb 07, 2019

KELOWNA, B.C. – February 4th,2019. Residential sales in January totaled 310 across the region of

Revelstoke to Peachland, 4% fewer than December and a 31% decrease from this time last year.

 

“Residential housing demand continues to moderate, despite strong economic indicators, suggesting

that government intervention is continuing to have an impact,” says OMREB President Marv Beer.

“Buyers, particularly first-home buyers, are likely having to wait longer to realize the dream of

homeownership or lessen expectations of what they can afford as a result of stricter housing-related

policy.”

 

New listings more than doubled December’s count, with 913 compared to 426 last month and 19%

higher than last January.

 

“This is the highest volume of new listings we’ve had for some time now,” comments Beer, adding

“While we’re not out of the woods yet, this will help alleviate chronic housing supply shortages.”

The supply of homes for sale last January was sitting at just over 2000 as compared to the current

inventory which has now topped the 3000 mark.

 

Average price, at $482,749, declined 4% from December and 8% from last January. Average days on

market, always a good barometer to watch, rose to 102 compared to 99 for both December and last

January. It’s important to note that OMREB reports an average of days on market and that the indicator

will vary depending on home type and sub-region.

 

“Typically, when properties take longer to sell, prices tend to moderate as conditions often give buyers

an advantage and more opportunity to negotiate,” comments Beer, noting that slower activity is

characteristic of the time of year.

 

Whether you are a buyer or a seller, it’s always a good idea to work with a real estate professional who

will protect your interests on such a significant financial transaction. Under current market conditions,

sellers can benefit from the knowledge and resources a local Realtor can bring to bear in marketing the

property on MLS and across multiple real estate portals. Buyers can benefit from a professional’s

knowledge in evaluating properties for sale and establishing offers to purchase with appropriate

conditions and terms. Both buyers and sellers can benefit from a real estate professional’s skill and

practice in negotiation.