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Pent-up Demand Continues to Drive Local Residential Real Estate Market


Blog by | September 2nd, 2020


Pent-up Demand Continues to Drive Local Residential Real Estate Market
 
KELOWNA, B.C. – September 2nd, 2020. Residential sales for August decreased slightly to 1,034 compared to July’s 1,094 total units sold across the region of Revelstoke to Peachland yet remained up compared to this time last year by 43%, reports the Okanagan Mainline Real Estate Board (OMREB).
 
New residential listings decreased 17% from last month’s 1,494 yet narrowly missed August 2019’s 1,246, totaling 1,237 new listings. The overall number of active listings dropped down 6% to 3,658 over July’s inventory of 3,890 and came in 18% lower compared to the same month last year.
 
“We are still seeing high sales activity despite the lack of inventory,” says OMREB President Kim Heizmann, adding that “we are at a stage where inventory is struggling to catch-up to the demand, especially in the single-family category – the most desired type of property postquarantine.” “August did seem to act in typical seasonal fashion, softening after a busy summer as we head into fall.” The average number of days to sell a home, always a good
barometer to watch, held firm at 89 days.