Residential sales across the region of Revelstoke to Peachland increased 11% from June’s 725 sales, totaling 810 sales in July, which meant a 9% increase over this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).
The average residential price in July of $543,587 was only slightly higher than last month’s average price with a 3.5% increase yet stayed below last year’s at just 3% lower. A closer look shows single-family home average price fairly constant with last year, whereas the average for condominiums rose 9.3%. The average price for townhouses clocked-in 3.5% higher than last month.
“While sales prices have experienced a moderate climb throughout the year, inventory has plateaued as potential sellers in the region could still be holding back waiting for the market to fully recover,” says OMREB President, Michael Loewen.