February 6, 2019 12:49 am

Okanagan real estate listings up, sales down in January

The Okanagan Mainline Real Estate Board has released statistics for January that show a spike in new listings.

File / Global News

The number of new real estate listings in January is up, but sales are down compared to a year ago, according to statistics released by the Okanagan Mainline Real Estate Board.

The number of new listings doubled from December and increased by 19 per cent compared to last January.

“This is the highest volume of new listings we’ve had for some time now,” said Marv Beer, president of the Okanagan Mainline Real Estate Board. “While we’re not out of the woods yet, this will help alleviate chronic housing supply shortages.”

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However, the number of real estate sales is down by a third from this time last year.

“Residential housing demand continues to moderate despite strong economic indicators, suggesting that government intervention is continuing to have an impact,” Beer said in a news release.

“Buyers, particularly first-home buyers, are likely having to wait longer to realize the dream of homeownership or lessen expectations of what they can afford as a result of stricter housing-related policy.”

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As for the average price of a home, at $482,749, it dropped four per cent from December and eight per cent from last January.

Residential properties spent an average of 102 days on the market, which is up from 99 for both December and last January.

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“Typically, when properties take longer to sell, prices tend to moderate, as conditions often give buyers an advantage and more opportunity to negotiate,” Beer said, adding that slower activity is characteristic of the time of year.

© 2019 Global News, a division of Corus Entertainment Inc.

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