Local Residential Market Continues Climb Ahead Of Spring Bloom

Residential sales across the region of Revelstoke to Peachland totaled 435 in February, up from January’s 375 sales and 6% more than this time last year reports the Okanagan Mainline Real Estate Board (OMREB). 

New listings, which totaled 939, increased 24% compared to last month while overall active listings increased almost 7% over January’s inventory of 2,806. “The residential market continues to recover from the slow start experienced last year,” says OMREB President Michael Loewen, adding that “it will be interesting to see if factors such as recent interest rate changes, uncertainties of the U.S. elections and the impact of the coronavirus on the economy will have much effect on the local market, if at all.” 

“But looking at the MLS® Home Price Index (HPI) data, we can see that benchmark prices saw an increase within all sub-categories across the region, suggesting consumer confidence remains high in the Okanagan region.” The average number of days to sell a home saw a 1% decrease compared to last month across the Board region. Whether you are a buyer or a seller, it’s always a good idea to work with a REALTOR® who will protect your interests on such a significant financial transaction.