Home sales slip in South Okanagan providing room for inventory growth

PENTICTON – Home sales are down in the South Okanagan and Similkameen to figures not seen since August 2014, but prices are still up compared to the same period last year.

The South Okanagan Real Estate Board says 155 homes were sold last month, compared to 250 units in August 2016. This month’s figures are also down from August 2016, when 224 homes were sold. Last August’s sales were also below the 10-year average of 170 units.

The year-to-date average price for a home in August was $422,526, which is 7.6 per cent higher than during the first eight months of 2017, but down from June’s average year-to-date price of $425,763.

The number of homes sold is down 16.6 per cent from last year’s performance, year-to-date.

As a result of the slower pace of sales, market supply is beginning to grow, the real estate board says. The slowdown in demand combined with higher supply is returning the market to more balanced territory.

Active residential listings numbered 1,269 units last month, which is up 13.4 per cent over the 1,118 in August 2017.

Even with the extra listings new listings in August were still below the 10-year average and the lowest number of listings seen since 2015.

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