Thursday, 14 August 2014

More good news......

as home buying heats up over the summer months!! The British Columbia Real Estate Association (BCREA) reports that a total of 8,493 residential sales were recorded by the Multiple Listing Service in July, up 11 per cent from July 2013. Total sales dollar volume was $4.65 billion, an increase of 13.8 per cent compared to a year ago. The average MLS residential price in the province rose to $547,926, up 2.5 per cent from the same month last year. Strong consumer confidence continues to drive a summer rally of home sales. While sales were up in all but one BC real estate board area, while here in the Okanagan we have posted a meteoric rise in consumer demand, with the most home sales on record for the month of July. Great news for those that have been waiting to sell! Overall market conditions remain in relative balance in BC. However, relatively fewer homes for sale have created sellers’ market conditions in some communities. Year-to-date, BC residential sales dollar volume was up 24.5 per cent to $28.5 billion, compared to the same period last year. Residential unit sales were up 17.2 per cent to 50,376 units, while the average MLS residential price was up 6.2 per cent at $565,031.

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