WATCH: Okanagan Real Estate Market Heats Up
The number of home sales in the Okanagan has risen dramatically over this time last year.
The months of May, June and July have seen a lot more sales over this time last year especially when it comes to entry level homes.
“It’s just been nonstop. I think went for a couple months with seven days a week, about 16 hour days so very busy,” says Kelowna realtor Jaime Briggs.
According to the Okanagan Mainline Real Estate board, sales in July of 2014 have been the strongest on record since 1980.
The jump from last July to this July is also significant.
In the North Okanagan the number of residential units sold this July compared to last July is up by 56%.
In the Central Okanagan sales have risen by 24% from July 2013 to July 2014 while in the Shuswap it’s jumped by 23%.
The South Okanagan has seen an increase of 13% in sales this July compared to July of 2013.
“It is a very good July. It is reflective of a build up demand. Everyone is deciding to come to the market at the same time sort of a like a start of the race where everyone is there at the same time,” says Tim Evans with the Okanagan Mainline Real Estate Board.
While the Shuswap and south Okanagan are a little behind, the Okanagan Mainline Real Estate Board says conditions in both the Central and North Okanagan are now balanced and moving towards a seller’s market.
The Real Estate Board says it’s because there is more demand than supply in many areas.
“It’s very hard for people to find homes. For buyers looking for clean, well maintained single family homes, it was really hard to find inventory in that $450,000 to $575,000 bracket, nearly impossible,” says Briggs.
As for a median price of a single family home, that too is on the rise.
In July of last year it was $422,000.
That jumped to $466,000 in July of this year.