Residential real estate across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region finished off the year with record-high sales, reports the Association of Interior REALTORS®.
Residential sales for the entire Association region for December 2021 saw a downtick of 25% over December 2020, clocking in at 654 units sold while still surpassing the previous recorded historical high.
“Even with a typical seasonal slowdown, sales across the region surpassed 2016’s record high,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the lack of supply continues to be a challenge for buyers as inventory lags behind demand.”
The supply of active residential listings saw a drop of 40% across the Association region compared to the 2,894 active listings during December 2020, with new listings also showing a 24% decrease over December 2020s 695 units.
“The number of active listings continues to fall short of buyer’s demand at historical levels, making it unlikely for buyers to see a softening on prices as we head into the new year,” says Heizmann.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions closed the year with double-digit percentage increases in year-over-year comparisons across all home categories.
In the South Peace River Region, where benchmark pricing is not available, the average price for single-family homes and mobile homes increased 44.5% and 56.9% respectively.
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