The North Okanagan’s real estate industry has experienced a significant surge.
In July, there were 224 units sold, a 55.6 per cent increase from 144 units during the same month in 2013.
“Renewed consumer confidence has boosted demand as buyers return to mid and higher-end homes, and sellers who had given up are trying again with more success,” said Darcy Griffiths, Okanagan Mainline Real Estate Board president.
Total residential sales for the month were up 56.3 per cent over last year, with 200 units sold compared to 128.
There were 114 single-family home sales in July, up 56.2 per cent compared to 73 in July 2013.
“With strong prices, high demand and low inventory, there is more opportunity for sellers who wish to list and take advantage of the window of opportunity to sell before winter sets in,” said Griffiths.
“On the other hand, with the price of single-family homes fairly stable in most areas, and mortgage rates remaining at historic lows, there are tremendous opportunities for buyers to get into the market before the possibility of rates rising as the economy and employment further improve going into 2015.”
While the 369 new listings taken for the month were up 7.3 per cent from the 2013 level of 344, inventory for July saw a 9.9 per cent dip to 2,260 from 2,507 last year.