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January 09, 2015 - 2:14 PM
OKANAGAN – Real estate sales across the Okanagan had the biggest jump in seven years last December, according to the Okanagan Mainline Real Estate Board.
Overall the region saw sales increase 24 per cent during the last month of 2014, with apartment sales up a massive 42 per cent over the previous year. Townhouse and single family home sales climbed 27 and 26 per cent respectively.
“While demand typically pulls back during the holiday season and edged down in other B.C. markets during December, Okanagan-Shuswap home sales continued to rally after an unseasonably cold weather slowdown in November and finished the year on a solid note,” OMREB President Darcy Griffiths says in a media release.
One reason for the increase could be a declining inventory and new listings that have not kept up with demand.
“The shortage of entry level homes has pushed buyers into purchases in the next level up, or into the condo and townhouse market where there is more value in their price range,” the report says. “The price of single family homes is steady and strong in most areas with modest gains seen in some locations where supply has tightened.”
Leading the way in December sales was the Shuswap with a 33 per cent improvement over the same month in December. The Central Okanagan was up 23 per cent and the North Okanagan only 17 per cent.
In the area between Peachland and Lake Country, overall sales improved 21 per cent over 2013, from 4,426 to 5,370. Total inventory dropped 17 per cent from 3,208 to 2,656.
“Despite a slow start to 2014, sales began to bounce back in March and the steady upward trend accelerated into an extraordinarily busy and fast-paced summer and fall,” the OMREB report says.
To contact the reporter for this story, email Adam Proskiw at aproskiw@infotelnews.ca or call 250-718-0428. To contact the editor, email mjones@infotelnews.ca or call 250-718-2724.
News from © iNFOnews, 2015