June 2018 Real Estate Update – More Listings, Less Sales

Real Estate Market Update

June 2018 Real Estate Update – The good news/bad news scenario has continued for Real Estate sales in the North Okanagan. According to statistics from the Okanagan Mainline Real Estate Board, overall sales are down slightly from last month, but the drop compared to last year is steeper. 

Units listed are up over last year by 4%, but units sold is down 31% – that’s the bad. However, the average days to sell is down 9.4% this month over last and down 8% over last year while the average residential home price is up 10% over last month ($507,626) and over last year by 8%. This means, while sales are down, homes are selling faster than ever and for more money that both last month and last year.

OMREB President Marv Beer said “This is the fourth consecutive month where sales volumes are substantially down from the same period last year.” He indicated that the government programs initiated to slow the market are having the intended effect in the urban markets but are also impacting the rural communities. “People aren’t able to qualify for the same amount of mortgage as before, and this, coupled with higher interest rates, means they can afford less, which is likely to be particularly impactful on first-time buyers and those at the lower end of the price-range.”

The Shuswap region also saw the same trends, just to a smaller degree.  Listings were up slightly and sales down to a lesser degree overall. Days to sell also was reduced month over month, but had a slight increase over the same time frame last year. For more details see the chart below.

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

June 2018 Real Estate Update – June 2018 vs June 2017*

• Overall unit sales down 38% to 98 units.
• Single Family Residential home sales down 33% to 181 units.
• Active listings up 8.18% to 410 units.
• Days to sell down 8.86% to 56 days.
• Average sale price up 10.15% to $507,626.

Shuswap Residential Real Estate Market Statistics (Salmon Arm & Sicamous)

June 2018 Real Estate Update – Stats for June 2018 vs June 2017*

• Overall unit sales up slightly 0.8% to 117 units.
• Single Family Residential home sales down 5.88% to 144 units.
• Active listings up 3.38% to 214 units.
• Days to sell down 3.50% to 74 days.
• Average sale price down 1.78% to $393,809.

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, June, 2018
Shuswap: Shuswap / Revelstoke Monthly Statistics, June, 2018