The number of homes sold by SO Realtors totaled 210 units in July 2019. This was an increase of 14.1% from July 2018.
The total value of all properties sold was $113.4 million, rising 11.9% from July 2018.
On a year-to-date basis, home sales totalled 1,072 units over the first seven months of the year, still down 17.6% from the same period in 2018.
“Home sales are picking up steam heading into the second half of 2019 following a sluggish second half of 2018 and first half of 2019,” said Dori Lionello, President of the South Okanagan Real Estate Board.
The dollar value of all home sales in July 2019 was $99.6 million, surging 28.9% from the same month in 2018. This just missed tying the July record set two years ago.
Months of inventory numbered 6.9 at the end of July 2019, little changed from the 6.7 months recorded at the end of July 2018 and below the long-run average of 8.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Source: SO Real Estate Board