Real estate activity slowed down in the Okanagan in September.

Real estate activity slowed down in the Okanagan in September.

Home sales decline in Okanagan

There were 884 sales compared to 1,020 in August but a 25.4 per cent increase over September 2015.

Residential sales in the Okanagan-Shuswap slowed in September.

There were 884 sales compared to 1,020 in August but a 25.4 per cent increase over September 2015.

“While fewer sales indicate that the market may be starting to moderate, pricing and days on market are still relatively consistent, suggesting that our move towards a balanced market is likely to be a slow one,” said Anthony Bastiaanssen, Okanagan Mainline Real Estate Board president.

“Product inventory and new listings are also factors to consider. When we see low inventories coupled with fewer new listings, we know that it is likely to be a while before the market balances. When we take all factors into account, we are still faced with a market where there are more buyers than homes to buy.”

The largest buying groups are two parent families with children, at 28.9 per cent, those from within the Okanagan at 54 per cent, and first-time buyers who, at 18.4 per cent, edged out those moving to a similar-type property, at 18.2 per cent.