2020 Residential Market Off to a Strong Start

Residential sales for January totaled 375 units across the region of Revelstoke to Peachland and saw a 20% increase compared to the same time last year marking a positive start to 2020, reports the Okanagan Mainline Real Estate Board (OMREB).

New listings nearly doubled December’s count, with 758 compared to 446 last month, which is common seasonal
market trend for the time of year. The overall number of active listings also showed seasonal increases coming in at
2,806 over December’s inventory of 2,715. 

“A strong level of demand at the back-end of 2019, backed by an uptick of growth and consumer confidence has helped pushed 2020 off to a great start”, says OMREB President Michael Loewen, adding that “the consensus within the industry is that this is a positive outlook for the year ahead and shows signs of the housing market normalizing.”

The average number of days to sell a home, always a good barometer to watch, dropped down to 98 days. It’s important to note that OMREB reports an average of days on market for the entire Board region and that the indicator will vary depending on home type and sub-region.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the skills of a practiced REALTOR®.