In a news release posted by the Canadian Real Estate Association, the Board announced that 251 successful home sales have transpired in its jurisdiction last month, with the average sale price growing by 3.4 per cent year-over-year as well (up to $346,338).
Total home sales for August surged 24.2 per cent year-over-year, amounting to $86.9 million.
“Home sales have slowed a bit in recent months, but they’re still running at some of the highest levels we’ve ever seen,” according to Garry Gratton, President of the South Okanagan Real Estate Board.
The number of new listings posted on the Board’s MLS® System rose by 13.4 per cent year-over-year in August, up to 313. Active residential listings, on the other hand, declined by 30.4 per cent in the same period, down to 1,126 units.
“New supply has started to move higher in response to recent price gains but the market is still more favourable to sellers at this point,” Gratton said.
As of the end of last month, the South Okanagan market has 4.5 months of inventory, way down from 7.7 months the same time last year.
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The latest data from the MLS® System of the South Okanagan Real Estate Board revealed a 20.1 per cent year-over-year increase in home sales in August 2016, leading to the sixth straight double-digit year-over-year growth in the region.