Home sales in the Okanagan region of Peachland to Revelstoke cooled slightly in August to 882.
That’s an 8% drop from July and 14% fewer than a year ago.
But the Okanagan Mainline Real Estate Board says conditions still favour the seller, and will likely continue to do so until inventory grows or demand drops.
The average sale price was $489,000… up 5% from a year ago.
Board President Tanis Read says “While August is typically a slower month in terms of sales volume, this imbalance between demand and supply is propping home prices in the Okanagan and may lead to a more sustained drop in home sales if supply can’t catch up.”
New listings stayed relatively consistent with the previous month, while days on market rose slightly to 70 from 63 in July, but lower than 85 days this time last year.
Demand is likely to continue to be fueled by strong economic conditions and population growth, driving consumer confidence and housing demand.
Read adds “We know there was a high volume of building permits taken out in 2016 and as construction on new builds is completed, supply will hopefully start to catch up to demand, which will, in turn, have a positive effect on affordability.”
Two-parent families with children were the largest buying group at 29%, closely followed by
couples without children at 26%.
Buyer origins continue to consistently track, with the vast majority, at 56%, from within the region, followed by 17% from the Lower Mainland/Vancouver Island and 11% from Alberta.
Low percentages of buyers from elsewhere in Canada and outside Canada made up the balance.