Floods and fires contributing to slowdown in real estate sales

Residential sales in the Okanagan slowed down in July and the regions ongoing environmental challenges may be playing a role.

"The floods, fires and heat wave are a contributing factor for sure," said Okanagan Mainline Real Estate Board President, Tanis Read.

"You can see it at the local beaches, parks and wineries, there are just fewer people visiting the area this summer."

OMREB recorded 961 sales posted to the Multiple Listing Service (MLS) in July, down six per cent from June.

According to the Okanagan Mainline Real Estate Board, the number of sales was two per cent lower than in July 2016.

"The lack of inventory continues to play a role in the drop in numbers as well," explained Read. "Some buyers are becoming exhausted searching for the right home, at the right price, and all the while property prices continue to rise."

At $504,712, the average July price in the region was one per cent lower than in June and six per cent higher than this time last year. Days on market, or the average time it takes to sell a home, was 63 in July, compared to 73 in June and 79 last year.

“Although these figures offer a general overview of market conditions, averages tell only part of the story and prospective buyers and sellers can benefit from consulting a real estate professional about how current conditions impact the neighbourhood or housing type of interest,” said Read.

“One might be surprised at how sales and pricing within certain communities and/or housing types can run counter to general market conditions,” she added.