Local Residential Real Estate Market Showing Signs of Bounce Back

Residential sales for June saw an uptick of 77% compared to May totaling 791 units across the region of Revelstoke to Peachland and saw a 9% increase compared to this time last year, reports the Okanagan Mainline Real Estate Board (OMREB). 

New residential listings also saw an increase coming in at 1,494 new listings over last month’s 1,198. The overall number of active listings also showed an increase of 4% over May’s inventory of 3,792 while not quite meeting last year June’s inventory, coming in 14% lower. 

“These numbers are a positive indicator that real estate in the Okanagan is recovering from the pandemic induced slowdown of the previous three months,” says OMREB President Kim Heizmann, adding that “while we are not on the other side of this yet, this is a cautiously optimistic sign that the housing market may bounce back sooner than forecast.” 

The average number of days to sell a home, always a good barometer to watch, also improved this month dropping down 6% to 85 days. 

It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators 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.