Market Stable While Bracing for a Temporary Slowdown on the Heels of COVID-19

Residential sales across the region of Revelstoke to Peachland totaled 551 in March, up from February’s 435 sales and almost on par with this time last year’s 545 units sold reports the Okanagan Mainline Real Estate Board (OMREB).

New residential listings, which totaled 1,365, jumped 45% compared to last month’s 939. Overall active listings clocked-in at 3,341, up over February’s inventory of 2,996 yet down 6% from this time last year.

“While the market remained steady in March this will likely slowdown as the economic impacts of COVID-19 continue to develop,” says OMREB President Michael Loewen, adding that “in the meantime real estate professionals are still able to utilize technology-driven solutions to help accommodate these transactions during self-distancing precautions.”

The average number of days to sell a home dropped down to 88 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. 

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.