June 10, 2016 - 4:30 PM
PENTICTON - The South Okanagan real estate market continues to show robust performance as demand outstrips supply.
“It’s super busy, still a shortage of listings and if the listing is a good one and priced properly, it sells fast, usually with multiple offers,” Penticton real estate agent Scott Rowlands says.
A year to date comparison of sales across the region shows overall home sales are up 31.4 per cent, according to statistics from the South Okanagan Real Estate Board.
“Right now, listings are roughly equivalent to last year’s numbers,” Rowlands says, but notes inventory is down because sales of those listings have increased in the past year, reducing the number of actively listed properties available.
Rowlands says there are a lot of out-of-town buyers from the Lower Mainland and Alberta.
He feels the present market conditions will be around for the remainder of this year at least, noting the Vancouver market has yet to show signs of slowdown.
“Until (the Vancouver) market slows, we’re going to feel the effect,” he says.
The Central Okanagan is performing similarly, with sales up 35 per cent in Kelowna.
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