Residential sales across the region of Revelstoke to Peachland totaled 299 in March, down from March’s 551 sales and down 58 per cent from this time last year reports the Okanagan Mainline Real Estate Board (OMREB).
New residential listings, which totaled 806, declined 41 per cent compared to last month’s new listings. Overall active listings saw a 4 per cent uptick over March’s inventory of 3,341 totaling 3,467 yet not reaching April 2019’s inventory of 4,046.
“Market activity for this time of year is usually quite healthy,” says OMREB President Kim Heizmann, adding that “the economy has taken a big shock to the system due to the pandemic and, no surprise, so has the real estate market.”
This will change in the coming weeks and months once businesses reopen and consumers who temporarily pushed pause on their buying or selling activities due to the virus, will resume their real estate plans.”
The average number of days to sell a home dropped down 6 per cent to 83 days. It’s important to note that OMREB reports an average of days on market for the entire Board region and that the indicator will vary depending on home type and sub-region. Whether you are a buyer or a seller, it’s always a good idea to work with a realtor who will protect your interests on such a significant financial transaction.