OMREB reports 38% increase in sales from June – Vernon News

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The weather isn’t the only thing that’s hot right now.

The Okanagan Mainline Real Estate Board reports that resident sales rose 38% in July compared to June.

There were 1,094 units sold from Revelstoke to Peachland, up 35 percent from the same period last year.

New residential listings remained unchanged from last month, with 1,494 new listings, an increase of 18% over the same period last year.

The overall number of active listings, however, was down 2% from the June inventory and remained 14% lower than 4,527 last July.

“We are seeing pent-up demand supported by consumers’ desire for more space in the wake of the pandemic,” said OMREB President Kim Heizmann. “While this is not normal market activity, there is nothing typical about 2020. It will be interesting to see if this demand holds up for the rest of the year.”

The average number of days to sell a home, always a good barometer to watch, edged up 5% to 89 days.

The OMREB reports all market statistics for the entire council region and the indicators will vary depending on the type of house and the sub-region.

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