Okanagan Real Estate Board Reports Recovery

Property sales in the Okanagan were up 26 per cent last month compared to April, 2013 says the Okanagan Mainline Real Estate Board (OMREB). It was also a 26 per cent improvement over March, 2014.

“The Okanagan-Shuswap housing market moved out of a buyer’s market into a balanced market during April, following a steady growth in sales and declining inventory,” says Darcy Griffiths, OMREB President.

“Board-wide, sales statistics for the first four months of 2014 indicate recovery is well underway with rising consumer demand and balanced conditions emerging as we move into the warmer spring months. With prices remaining stable and record low interest rates still available, buyers who have been sitting on the fence may be poised to enter the market, while sellers will be listing homes with more confidence.”

Across the board, from Peachland to Revelstoke, overall sales improved 26.3 per cent with 783 units changing hands last month.

The 1,793 new listings for April was 3.3 per cent lower than the 1,855 listings posted in April 2013, while the amount of active listings was down 7.8 per cent over that same span.

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