Real estate activity in the Okanagan-Shuswap ended on a slow note in 2016.
In December, there were 453 property sales between Revelstoke and Peachland compared to 571 in November, or a 21 per cent decrease. However, there was a two per cent increase from December 2015.
“While the market is cooling, it is doing so at a slow and steady rate,” says Anthony Bastiaanssen, Okanagan Mainline Real Estate Board president.
“We are gradually returning to more normal conditions in terms of sales and listing activity, which spells good news for buyers with the pressures of a highly competitive market lessening and allowing more time for decision making.”
In line with sales activity, listing activity also slowed, with 407 new listings as compared to 701 in November. While days on market dropped from the previous month, at 91 days versus 97 in November, average price stayed relatively constant at $461,759.97, a 1.3 per cent decrease over November and an 11.5 per cent increase over this time last year.
“We are still pretty light on inventory, which will likely buoy pricing until more product becomes available,” said Bastiaanssen.