The South Okanagan real estate market is becoming more balanced as demand slows and inventory rises slightly, according to recently released July 2018 numbers.
(STEVE ARSTAD / iNFOnews.ca)
August 16, 2018 - 3:34 PM
PENTICTON - The latest figures from the South Okanagan Real Estate Board point to an easing in the housing market following a busy start to the year.
The board’s monthly report says 182 homes sold in the South Okanagan in July, down 24.5 per cent from July 2017.
For the first seven months of 2018, 1,302 homes sold, a decrease of 14.5 per cent from the same period in 2017.
South Okanagan Real Estate Board president Linda Davreaux says in the report supply is slightly higher, but still close to a 10-year low.
She says activity is down since the beginning of the year and is now running midway between the highs of the past three years and the lows of the 2010 to 2012 period.
“The slowdown in demand along with slightly higher supply has retuned the market to balanced territory quite quickly, which is why year over average price gains are moderating,” she Davreaux.
A total of 361 new residential listings have been posted this year, with active listings totalling 1,239. That’s 14 per cent more than in July 2017.
The total value of all properties sold so far this year is $100.9 million, down 12.3 per cent from the same period a year ago.
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