New real estate numbers show sales in Greater Victoria have slowed down in January 2018, but the long-term direction appears uncertain at this stage. Black Press File

New real estate numbers show sales in Greater Victoria have slowed down in January 2018, but the long-term direction appears uncertain at this stage. Black Press File

Board predicts move towards balanced housing conditions in Shuswap

Home sales drop, prices increase in Shuswap area

  • Aug. 3, 2018 12:00 a.m.

The hot real estate market in the Shuswap is beginning to cool.

According to the Okanagan Mainline Real Estate Board, which operates from Revelstoke to Peachland, July saw 139 units sell in the Shuswap compared to 147 in July 2017 for a decrease of slightly more than 11 per cent. Year to date, that number is down 9.7 per cent with 746 sold compared to 826 last year.

“I think we can officially say that we are moving towards balanced market territory, although we are still at a point where the market tends to favour sellers more than buyers, yet not as much as in previous years,” said OMREB President Marv Beer, noting five months of consistently lower sales volumes than last year coupled with more new listings contributing to a growing inventory of available homes that is 26 per cent higher than this time last year across the region.

The average price for a residential unit in the Shuswap was $456,177, 10.9 per cent higher this time last year. Days on market, an indicator of how long it takes to sell a home, also rose to 71 from 60.

Related: Average millennial could wait 150+ years to buy home in West-Vancouver


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