Homes sales rebound

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Home sales in the Okanagan have significantly rebounded following a slow start to 2015.

Overall sales across the board in February improved 34 per cent compared to the same month in 2014, and were 53 per cent better than results from January.

“After a more than usual slowdown in January, Okanagan-Shuswap home sales rallied along with consumer confidence during February, despite weaker economic conditions in Alberta,” says Darcy Griffiths, president of the Okanagan Mainline Real Estate Board.

“While not at the record pace seen at the close of 2014, the year has started off at a much stronger level than we saw during the first six months last year.”

New listings for the month were also up 15 per cent over last year (1,447 compared to 1,256), while inventory declined 10.5 per cent.

The Shuswap region (Salmon Arm to Revelstoke) lead the way with the sale of single-family homes jumping 71 per cent last month (24 units compared to 14), but the most noticeable jump came in the Central zone (Peachland to Lake Country). Overall sales were up 43 per cent, and the sale of single-family homes jumped up 67 per cent (181 compared to 108).

Further evidence of a seller’s market, when compared to February 2014, is the amount of time homes stayed on the market. Last year, a single-family home took 141 days to sell on average, but this year homes were snatched up in 95 days board-wide.

“Desirable, well-positioned and well-presented units are selling quickly,” Griffiths notes. “Home sellers listing early this year will have the edge and see results.”