Not surprisingly, the real estate market in the Okanagan dipped a bit in July, but home sales usually slow down during the lazy, hazy days of summer. However there was a slight uptick in Salmon Arm over July 2016.
The latest report (which includes the area from Revelstoke to Peachland) from the Okanagan Mainline Real Estate Board shows home sales were down 6% in July from the previous month. A total of 961 homes, condos and townhomes changed hands last month. That's also 2% less than in July 2016, but is certainly par for the course given the time of year.
“While sales activity typically slows over the summer months—with this July no exception—pricing and days on market continue to show strong demand for available housing supply,” said OMREB president and Central Okanagan realtor Tanis Read, in a statement.
While the number of homes sold throughout the Okanagan region was down in July, for Shuswap and Salmon Arm, total sales were actually up from July 2016. Last month a total of 158 units changed hands compared to 150 in July 2016.
Home Prices Still Higher in Salmon Arm
In the Salmon Arm/Shuswap area, home prices were still higher for single-family homes over July 2016. The average price of a home was $411,560 last month, up 6.16% from last July.
Of note is how much condo prices jumped in July over the the same time last year. Condos went up a whopping 101.84% on average from $141,00 in July 2016 to $285,408 in July 2017. In addition, lots and lots of condos are being sold. In fact twice as many were sold (11 units) this July compared to just 5 units in July 2016. Not a staggering amount of sales, but indicative of the trend towards a hot condo market in the Salmon Arm region.
While condo prices soared, townhome costs are down somewhat, falling 3.62% last month to $244,165.