As you probably realize, the Okanagan in general has been in a hot market for a few years now and it doesn’t seem to be slowing down. Homes in desirable areas are selling sometimes before they
Local Residential Real Estate Market Continues to Rebound in the Midst of Pandemic KELOWNA, B.C. – August 5th, 2020.
Dated: August 13 2020
Residential sales for July continued to climb with an increase of 38% compared to June totaling 1,094 units across the region of Revelstoke to Peachland, up 35% compared to this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).
New residential listings remained the same as last month clocking in at 1,494 new listings yet saw an 18% increase over the same time last year. The overall number of active listings however fell off 2% over June’s inventory of 3,962 and remained 14% lower compared to last year July’s inventory of 4,527.
“We are seeing a pent-up demand propped up by consumer’s desire for more space in the wake of the pandemic,” says OMREB President Kim Heizmann, adding that “while this is not normal market activity, there is nothing typical about 2020.”
“It will be interesting to see whether this demand sustains through the rest of the year.”
The average number of days to sell a home, always a good barometer to watch, saw a slight increase of 5% to 89 days.
New Listings 271
Current Inventory 707
Sell/Inv. Ratio 21.22%
Days to Sell 81
Average Price $360,253
Median Price $338,500
Ratio of Sales vs Inventory 29.65%
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Jolene Iglesias | REALTOR® in Kelowna, BC
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Hi I’m Jolene, I want to introduce myself. I’ve been a REALTOR® in the Okanagan Valley since 2012. I hail from a little town called Chase in the Shuswap Lakes, my decision to build my dream li....
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Residential sales for July continued to climb with an increase of 38% compared to June totaling 1,094 units across the region of Revelstoke to Peachland, up 35% compared to this time last year,
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