Real Estate Sales in the Okanagan hit Eight-year High in June

07/08

The month of June felt busy, showings, new listings and multiple offers, looking over the stats at the end of the month from The Okanagan Mainline Real Estate Board shows that sales activity in June was the strongest in eight years.

According to OMREB, sales overall were up 9.41% from the same month last year and the housing market has shown an 11.78% year-to-date compared to the same six-month period in 2014.

View the Full Statistics Here

The real estate board credited the B.C. economy, which it says is currently the best performing in the country with population growth, reinvigorated consumer confidence and pent-up demand key drivers of the real estate market as it bounces back to 2007 sales levels in most areas of the province.

Strong consumer demand in the Okanagan-Shuswap has pushed home sales to an eight-year high and reduced days to sell to 75 days on average compared to 88 last year at this time.

“Well-positioned and well-presented homes are continuing to sell quickly in the OMREB market. The robust demand is keeping inventories in check, with some segments experiencing relative shortages and sellers’ market conditions, particularly the lower priced detached units." said OMREB president and a realtor in the Central Okanagan.

Property inventory continues to be tight for all types of housing due to high buyer demand and low levels of new listings. Which makes for a great time to sell and as a buyer we encourage everyone to be pre-approved and ready to move quickly when the right homes comes up.

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