Homes sales continue to fall in South Okanagan while inventories rise

PENTICTON – There is good news and bad news in the South Okanagan real estate market as monthly sales numbers continue to fall compared to last year’s record numbers.

Prices aren’t rising as quickly as they once were, and housing supplies are on the rise.

According to statistics released by the South Okanagan Real Estate Board this week, home sales fell again in October, well off the record set in 2017 when 191 units sold.

Last month saw 132 units sold, which is 31.3 per cent less than October 2017.

Year to date, in the South Okanagan, home sales are down 21 per cent, from 2,167 units in 2017 to 1,707 units so far in 2018.

South Okanagan Real Estate Board president Linda Davreux says October sales ran close to the 10-year average for the month.

“The slowdown in demand along with rising supply has returned the market to balanced territory, which is why year-over-year average price gains have been moderating compared to the last couple of years,” she says.

The average home price for October 2018 improved to $437,711, up 7.3 per cent over last year’s October average of $407,888 but the dollar value of all home sales in October tumbled 26.2 per cent, from $77.9 million in 2017 to $57.8 million.

Residential listings are now at their highest level for October in six years, at 272 new listings, and active residential listings are up 33.9 per cent to 1,281 from last October’s 942 listings.

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