After Strong Recovery, Residential Real Estate Market Flattening Out Ahead of Winter

Residential sales across the region of Revelstoke to Peachland totaled 625 in October, down from September’s 652 sales and just 2% fewer compared to the 639 units sold in October 2018, reports the Okanagan Mainline Real Estate Board (OMREB).

New listings dropped below last month’s 1,046 by 10.5% resting at 936 new units listed this month. The supply of homes for sale, or overall active listings, also dropped slightly coming in at 3,650 over last month’s inventory of 4,150; down 3.5% from this time last year.

“With the holiday season approaching it’s not unusual for consumers to have other financial priorities on their mind, perhaps putting home purchases on the backburner until the new year,” says OMREB President Michael Loewen, adding that “typically, we see less market activity as we head into the colder months as those that are not in a rush to move prefer to do so when weather conditions are more agreeable.”

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