OMREB reporting 38 per cent jump in sales over June

Real estate heating up

The weather is not the only thing that is hot right now.

The Okanagan Mainline Real Estate Board is reporting resident sales are up 38 per cent in July compared to June.

There were 1,094 units sold from Revelstoke to Peachland, up 35 per cent compared to this time last year.

New residential listings remained the same as last month, clocking in at 1,494 new listings, an 18 per cent increase over the same time last year.

The overall number of active listings however fell by two per cent over June’s inventory and remained 14 per cent lower compared to last July’s inventory of 4,527.

“We are seeing a pent-up demand propped up by consumer’s desire for more space in the wake of the pandemic,” said OMREB President Kim Heizmann. “While this is not normal market activity, there is nothing typical about 2020. It will be interesting to see whether this demand sustains through the rest of the year.”

The average number of days to sell a home, always a good barometer to watch, saw a slight increase of five per cent to 89 days.

OMREB reports on all market statistics for the entire board region and the indicators will vary depending on home type and sub-region.

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