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‘Strong push towards market recovery’: Okanagan real estate board releases December stats

According to the latest statistics from the Okanagan Mainline Real Estate Board, there were 16,632 units listed in the region in 2019, which is roughly a three per cent drop from the 17,136 units listed in 2018. .
According to the latest statistics from the Okanagan Mainline Real Estate Board, there were 16,632 units listed in the region in 2019, which is roughly a three per cent drop from the 17,136 units listed in 2018. . File / Global News

Home sales from Revelstoke to Peachland in December last year were up by almost a quarter from the same period in 2018, according to the Okanagan Mainline Real Estate Board’s latest stats.

“The rebound in residential sales should help to mitigate the recent declines in property tax assessments experienced by many homeowners in centres across our region,” the Okanagan Mainline Real Estate Board (OMREB) said in a news release.

READ MORE: Kelowna real estate prices down, but ‘huge demand for condos,’ report says

“While activity was subdued during the first half of the year, the last couple of months saw a strong push towards market recovery,” OMREB president Michael Loewen said.

The latest statistics show that in the whole area, which includes the Central and North Okanagan, Shuswap and Revelstoke, there were 8,087 units sold in 2019, a 2.8 per cent drop from 8,320 units in 2018.

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2020 Property Assessments
2020 Property Assessments

It also took about 83 days to sell a home last year, up from 78 in 2018.

However, December 2019 saw 469 units sold, which is up approximately 27 per cent from 370 units sold in December 2018.

READ MORE: A closer look at the current state of Kelowna’s rental and real estate markets

“As we head into 2020, it’s great to see demand remains robust as market conditions have pulled ahead of previous forecasts,” Loewen said.