(Black Press file photo)

Okanagan real estate sales up 23% from December 2018

The Okanagan Mainline Real Estate Board releases the statistics for December 2019

Residential sales throughout the Okanagan saw an increase last December.

According to the Okanagan Mainland Real Estate Board (OMREB), in the Central Okanagan, there were 118 single-family sales, 45 townhouse sales and 74 condo sales. The December 2019 sales in the Revelstoke to Peachland region surpassed December 2018’s sales by 23 per cent, but was a decrease of 24 per cent from November 2019.

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

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

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It took an average of 80 days in the Central Okanagan to sell a home, as opposed to the entire regions average of 102 days.

The overall listings for December 2019 came in down four per cent from December 2018, but the late push in the year helped balance the numbers across the region.

“The rebound in residential sales should help to mitigate the recent declines in property tax assessments experienced by many homeowners in centers across our region,” reads the OMREB press release.

Throughout the Central Okanagan in December 2019, the current inventory of single family residences dropped 6.7 per cent, townhouses dropped 10. 4 per cent and condos dropped 7.7 per cent.

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