KELOWNA, B.C. – September 2nd, 2020. Residential sales for August decreased slightly to 1,034 compared to July’s 1,094 total units sold across the region of Revelstoke to Peachland yet remained up compared to this time last year by 43%, reports the Okanagan Mainline Real Estate Board (OMREB).
New residential listings decreased 17% from last month’s 1,494 yet narrowly missed August 2019’s 1,246, totaling 1,237 new listings. The overall number of active listings dropped down 6% to 3,658 over July’s inventory of 3,890 and came in 18% lower compared to the same month last year.
“We are still seeing high sales activity despite the lack of inventory,” says OMREB President Kim Heizmann, adding that “we are at a stage where inventory is struggling to catch-up to the demand, especially in the single-family category – the most desired type of property post- quarantine.”
“August did seem to act in typical seasonal fashion, softening after a busy summer as we head into fall.”
The average number of days to sell a home, always a good barometer to watch, held firm at 89 days.
It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators will vary depending on home type and sub-region.
Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
OMREB is a member-governed not-for-profit association representing approximately 1300 REALTORS® and 88 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.
OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.