Home sales picked up in the Shuswap and Okanagan regions last month, while home prices are up on a year over year basis.
The Okanagan Mainline Real Estate Board (OMREB) stats for February show 520 homes were sold in February, an increase of 167 units over January’s 353 sales for the area covering Revelstoke to Peachland.
Homes are also selling faster with the average days on market (how long it takes to sell a home) at 87, representing a shorter timeframe from the 96 days it took to sell a home in January and last February’s 98 days.
While homes are selling more quickly, they are also fetching better prices with a 9% increase in February over January and a significant 13% hike over the same time as last year. The average home price in the region is now $480,052.
Specifically in the Shuswap-Salmon Arm area, the average single-family home price increased 10.12% to $387,000. In January the price was $351,500. The median price also went up 4.11% to $385,000.
Sale prices of condos and townhouses also went up from January to February. The average price was $333,647 last month, a jump of 9.24% over January. The median price went up even more, increasing by 11.43% to $351,000.
For the past seven years, the OMREB has been tracking who is purchasing homes and property in the Shuswap and Okanagan regions. Most who bought in February already live in the area (55%). Lower mainland and Vancouver Islanders make up 21% of buyers, with 12% coming from Alberta. Only 2% of homes sold in February went to foreign buyers.