The local residential retail market is continuing to rebound.
Residential sales in July were up 38% compared to June, reports the Okanagan Mainline Real Estate Board (OMREB). A total of 1,094 units sold from Revelstoke to Peachland – a 35% increase compared to this time last year.
“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.”
New residential listings were the same as last month, at 1,494 new listings. That’s an 18% increase compared to 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.
The average number of days to sell a home had a slight increase of 5% to 89 days.
Last month, RE/MAX realtor Colin Krieg said Kelowna was on the verge of a sellers’ market.
“I don’t think anyone saw this coming, but in one month, sales have gone from 50% under the 10-year average (139 sales in May 2020) to 261 sales in June, (over the 10-year average),” he said. “Multiple offers and properties selling over asking price are no longer a thing of the past.”
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