Residential property sales across the Okanagan dropped significantly in July, with the Interior Realtors Association reporting pre-pandemic levels of activity across the region.
Almost 1,200 home sales were confirmed across the hinterland last month. This is a 33.3% decrease compared to the number of units sold in July last year.
"The market peaked for him in March and has been trending upwards since then," explains his Royal LePage realtor Steve Wright.
“Last year we sold 75% of our single-family homes, and this year we sold 25% of our single-family homes.
Read more: Home sales continue to drop in Metro Vancouver and Fraser Valley
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Declining sales last month may lower your asking price. The average number of days it took to sell a home in Okanagan in July rose slightly from 45 to 47 days in June. It's important to note that the average number of days on the market varies by home type and region.
Wright says now is a good time for anyone serious about a purchase. “Normally, it takes the seller four to six months of refusal for the seller to understand that he has to lower the price, while the buyer figured it out in about four to six minutes,” he said. He explains Wright.
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“Yes. You can see it, but there are still people … catching sucker fish.”
Even though July home sales in the area plunged to pre-pandemic activity, Wright said: He says there are several hot spots in the southern Okanagan that have caught his attention.
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This Year Sales in the Osoyoos area are down and prices are about the same as in Kelowna or maybe a little lower. Oliver's is probably a little cheaper. all right. Foals and Penticton are trailing, but not by much," Wright explained.
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According to Wright, one of his notable trends in Kelowna is skyscrapers in the city center. is to be developed.
"It will be interesting to see when they release them. He'll know if he'll be bought 85, 90% like they're existing," Wright said. said. "One Water, Ella, and some others downtown...so we'll see when they release and how many actually step up."
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Single-family home benchmark cost Central Okanagan July house prices At $1,060,400, it was up 9.4% from the same period last year. Meanwhile, the townhouse benchmark is $783,500 and the condo/apartment is $522,100.
Currently, there are 7,698 active listings for him in the Interior Real Estate Agents Association, including Okanagan, Shuswap/Revelstoke, South Peace River Region and Kootenays, an increase of 56.8% from July 2021. I'm here.
