Housing sales drop 31% in January: OMREB | iNFOnews | Thompson-Okanagan's News Source

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Housing sales drop 31% in January: OMREB

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February 05, 2019 - 10:00 AM

OKANAGAN - Residential housing sales across the region saw a 31 per cent drop in January compared to the year previous.

A media release from the Okanagan Mainline Real Estate Board says 310 residential properties were sold in January, a four per cent drop compared to December 2018 and a 31 per cent decrease from January 2018. The real estate board covers an area roughly from Peachland to Revelstoke.

The number of new listings in January also doubled compared to December 2018, with 913 residential properties going on the market last month, an 19 per cent increase over January 2018. Over 3,000 homes currently sit on the market, compared to just over 2,000 in January 2018.

The average price of homes also fell by four per cent from December and eight per cent from January 2018, the real estate board says. The current average price stands at $482,749. The time it takes to sell a home also increased to 102 days in January, from 99 in December and January 2018.

“Residential housing demand continues to moderate, despite strong economic indicators, suggesting that government intervention is continuing to have an impact,” says OMREB President Marv Beer in the release. “Buyers, particularly first-home buyers, are likely having to wait longer to realize the dream of homeownership or lessen expectations of what they can afford as a result of stricter housing-related policy.”

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