More buyers than properties

That usual summertime lull has had some effect on the Okanagan's hot real estate market, but not much.

Residential sales moderated slightly in July, compared to previous months, but were still 20 per cent higher than the same time last year.

A total of 1,042 units were sold last month, according to the Okanagan Mainline Real Estate Board (OMREB)

“While fewer units sold last month as compared to June, the average price remained comparable as did the days to sell, indicating that conditions across the entire region OMREB serves, spanning Peachland to Revelstoke, are still very much favouring the seller,” said Anthony Bastiaanssen, board president.

“The volume of prospective buyers continues to outstrip the number of available properties, and we are unlikely to see much of a shift in market conditions until more product becomes available.”

The number of active listings also dropped across the region and available properties were selling fast.

“In this market, the entire transaction process can be severely compacted, which can add stress for all concerned,” said Bastiaanssen.

He urged people to use a professional who can provide advice “on the fly” so that critical steps are not missed.

Okanagan residents remain the biggest percentage of purchasers within the region at 56 per cent.

While two-parent families with children were the largest portion of buyers at 25 per cent, couples without children and singletons were just one per cent behind.

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