Regional real estate sales for October were slightly lower than previous months and down six per cent over October 2016, according to the Okanagan Mainline Real Estate Board.
MLS housing sales for the Peachland-Revelstoke corridor totaled 736 in October, compared to 740 for September, according to the Okanagan Mainline Real Estate Board (OMREB).
“Not unusual for this time of year, October sales and new listing volumes were both slightly lower than previous months, with both indicators in the range of what we were seeing this time last year,” said OMREB president Tanis Read.
“The average number of days on market rose over previous months, also typical as we head into the winter months.”
New listings were 898 in October, compared to 1118 in September, while the average number of days it took to sell a home in October was 83 as compared to 78 in September and 92 this time last year.
Read notes that average price, at $526,418, was an irregularity, likely due to the mix of properties sold as compared to the previous month. The October average price was six per cent higher than September and up 16 per cent over this time last year.
“While a lack of available homes for sale continues to be a problem and a major contributor to pricing, the good news, at least for some parts of the region we serve, is the number of new, multi-family residences that are closing in on completion,” Read said.
“This, coupled, with a surge in housing starts, could mean good news in terms of availability and affordability.”
More housing supply offers benefits not only for prospective buyers but those looking to rent and even those considering selling. While a seller’s market, where there are fewer homes for sale to a larger pool of buyers, can be attractive for those considering listing, it can also pose challenges for those same sellers when they look to find a new home at a price they can afford, Read explained.
Turning to buyers of homes in the region, results compiled from monthly OMREB buyer surveys year to date (January through September 2017), indicate that first time buyers accounted for 20 per cent of purchasers, with move-up buyers at 17 per cent.
Those moving within the region were 56 per cent, followed by those from the Lower Mainland/Vancouver Island at 18 per cent and Alberta at 11 per cent.
“It’s encouraging that first time buyers continue to be a strong force within the region as they stimulate the chain of housing ownership,” said Read, noting that move-up buyers tend to rely on first time buyers to purchase their existing homes.