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Residential Real Estate Market Seasonally On Trend Heading Into Summer

Thursday, Jul 04, 2019

KELOWNA, B.C. – July 3rd, 2019. Residential sales across the region of Revelstoke to

Peachland totaled 725 in June, a decline from May’s 780 sales, and 9% fewer than this time

last year reports the Okanagan Mainline Real Estate Board (OMREB).

 

 

June’s average price of $525,303 was only marginally less than last month’s pricing at just 3%

lower and clocked-in at 4% less than last year’s average. A closer look shows single-family and

townhouse pricing constant with last year while condominium pricing showed a decrease of

almost 3%.

 

 

 “While sales levels have maintained momentum more than in other markets, we continue to

see the fallout of federal mortgage policy creating pent-up demand,” says OMREB President,

Michael Loewen.

 

 

The number of new listings in June were down 17% from last month and 14% fewer from last

year this time, yet the number of homes available rose 12% over this time last year.

 

 

“We typically see the market slow as compared to the busy spring months and this past June

was no different. This, coupled with an increase in housing supply helped move the market

closer to balanced conditions,” notes Loewen, adding “despite muted demand and growing

housing inventory, prices continued to remain buoyed.”

 

 

“What we really need is for government to focus on creating more favourable conditions to

facilitate builders and developers to bring housing projects to market faster in order to better

respond to increases in demand.”

 

 

The average time it took to sell a home was 84 days in June, higher than May’s 71 days and

last June’s 60 days.

 

 

Given the high stakes on such a significant financial transaction, home sellers can benefit

from the knowledge and resources a local real estate professional 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 the

skills of a practiced REALTOR®.