Low inventory continues to put pressure on Okanagan real-estate market

The Okanagan Mainline Real Estate Board (OMREB) has released its numbers for March 2017.

In the area from Revelstoke to Peachland, residential sales totaled 824 units – about the same as March of last year.

As the weather warms up, demand for homes generally rises.

March numbers were 58 per cent higher than February numbers.

Homes sold more quickly in March than in February as well, with an average of 79 days on the market in March compared to 87 days on the market in February.

“While sales volumes and other indicators are reflective of this time last year, our market continues to be hampered by a lack of properties for sale,” OMREB president Tanis Readsaid in a news release.  “This means we will likely not have the volume of inventory needed to support the typically busy spring months.”

Read said the persistently low inventory means prospective buyers could find themselves competing for the properties that are available, creating high-pressure, multiple offer situations.

“While those selling their homes may benefit from this scenario, they are likely to find themselves facing similar challenges if they are exchanging their current property for another one in the Okanagan market,” Read said.