The Central Okanagan residential real estate market saw a 7% decrease in residential sales in June to 451 over June of 2018's 483, and a 12% decrease from May's 509. The federal government's June announcement of key details of the first-time home buyer incentive may have impacted the number of sales. This program does not come into effect until September 2 and may have caused some first-time buyers to hold off on their home purchase until the program is up and running. If this is the case, then September could see an increase in sales and competition for homes that would qualify under the program. My opinion would be if you are not planning on utilizing the program and are shopping for homes that would otherwise qualify, you may want to beat the rush and avoid the inevitable influx of buyers come September 2.
The average price for single-detached residential homes decreased by 3.7% to $692,246 from June of 2018's $716,472. The average price for townhomes fared better this year, increasing by 1.2% to $508,397 over last year's $501,989, while the average price for condos declined 2.3% to $350,506 compared to June of 2018's $358,683.
The number of new listings in the Central Okanagan decreased by 17% to 961 from May's 1,137 and is down 11% over last June's 1,072.
June saw a slower turnaround in residential sales over last month, with the average days on market (DOM) at 81 versus May's 59, a 37% increase. Compared to June of 2018, DOM last month increased by 57% from last year's 45.
If you have any questions on these figures or would like to explore next steps in buying or selling a home in the Central Okanagan, contact Jeff Creamer directly by email at firstname.lastname@example.org or by phone at 250-575-7112. Receive weekly updates on the Central Okanagan real estate market by following Jeff on Facebook, Instagram and Twitter.