The Okanagan Mainline Real Estate Board reports that June sales across the entire region were up 28 per cent compared to the same month in 2013. These are the strongest unit sales for June since 2007.
“After six months of steady growth in sales, the Okanagan-Shuswap housing market is experiencing a rebound in consumer demand and has moved firmly into balanced conditions,” said Darcy Griffiths, OMREB president.
OMREB covers from Peachland to the North Shuswap.
“We are seeing more listings than in 2013, but not enough to keep up with the demand in some segments as sales have increased more than inventory. So if you are looking to sell, now is the time to do it,” said Griffiths.
“With the drop in active listings, the selection of entry level home choices has been significantly reduced, and some buyers are viewing properties in a higher price range to find better inventory.”
The Shuswap led the way in June with a 46 per cent improvement in overall sales over June 2013, compared to 28 per cent in the North Okanagan, and 26 per cent in the Central Okanagan.
The Shuswap also saw a 43 per cent rise in single-family residential sales, compared to 27 per cent in the north zone and 14 per cent in the central zone, where there was an 81 per cent improvement in townhouse sales and 49 per cent in condo sales.
“Conditions in the North and Central Okanagan are now balanced and on the margin of a seller’s market with more demand than supply in some areas,” said Griffiths.