March A Mixed Bag In Latest Real Estate Market Update

Real Estate Market Update

The residential sales and market update for the region of Revelstoke to Peachland was up in March, (25% over the previous month), yet it was a downward trend over last year (down 24%) during the same month according to the Okanagan Mainline Real Estate Board (OMREB).

“While the market was busier than February, as is the norm this time of year, sales were substantially down from last March. At this point, it’s difficult to know whether or not this is significant or if it is simply an anomaly.” says OMREB President Tanis Read.

Average price was $521,192, up just 2% over February and 10% higher than this time last year. Days on market decreased and averaged 78 fewer in March than February’s 89, but consistent with last year’s 79 days. New listings, at 1393, were 53% higher than last month, but just 3% more than last March’s tally of 1353.

“If we were to focus solely on sales volume, we might anticipate movement towards a balanced market, although current housing inventory is nowhere near what it would need to be to meet the definition of such a market. However, average price, days on market and new listings are all generally consistent with
this time last year, so it’s anybody’s guess as to whether or not March’s stats are the beginning of a trend,” says Read.

Read notes a number of external factors that could impact the market, not the least of which is the recently announced BC government’s housing-related taxes, including the controversial speculation tax, which isn’t really a tax on speculators, but rather a tax on assets.

North Okanagan Real Estate Statistics (Vernon, Coldstream, Silver Star, Armstrong, Lumby & Enderby)

Stats for March 2018 vs March 2017

• Overall sales down 21% to 178 units.
• Single Family home sales down 19% to 157 units.
• Active listings down 7.6% to 145 units.

Shuswap Real Estate Market Statistics (Salmon Arm & Sicamous)

*Stats for March 2018 vs March 2017

• Overall sales down 4.5% to 85 units.
• Single Family home sales down 11% to 62 units.
• Active listings down 1% to 309 units.

For more information visit the Okanagan Mainline Real Estate Board at www.omreb.com.

*Source: Okanagan Mainline Real Estate Board Statistics
North Okanagan: North Okanagan Monthly Statistics, March, 2018
Shuswap: Shuswap / Revelstoke Monthly Statistics, March, 2018