Property sales decrease slightly

Real estate activity in the North Okanagan has slowed slightly

Real estate activity in the North Okanagan has slowed slightly.

There were 208 overall property sales in July, down 6.7 per cent from 223 units during the same month in 2014. Year-to-date sales went from 1,198 to 1,171.

Total residential sales slipped four per cent in July to 191 units compared to 199 in 2014, and dipped by 1.1 per cent year-to-date to 1,058 from 1,070. Single family home sales saw a 1.8 per cent uptick over last July (to 115 from 113), but declined 6.7 per cent year-to-date (to 579 from 621).

A lack of inventory for some home types is putting upward pressure on prices in some communities.

“The number of active listings in our board area continues to decline with some segments experiencing shortages and moving from balanced to sellers’ market conditions,” said Christopher Miller, Okanagan Mainline Real Estate Board president.

The average days to sell a single-family home in the North Okanagan in July went from 95 to 86 days.