Wednesday, February 21, 2024 8:09:06 PM UTC
California Regional MLS Offers New Tools to Users

California Regional MLS (CRMLS) has entered into an agreement with software firm Immobel to offer two new products to its 110,000-plus users: MLS Match, an agent referral network program, and Xomio, an IDX website that provides visibility online in 19 languages. MLS Match is a core product available for brokers and agents at no cost,…

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Why Teams and AI Are the Perfect Marriage

This year will mark a breakthrough in deploying AI in real estate. As AI continues to rapidly advance in its capabilities as a personal assistant, real estate agent teams have become the perfect partner for this cutting-edge technology. The rise of AI in real estate McKinsey reports that within this decade, up to 30% of…

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The Top 3 Mistakes Listing Agents Make and How to Avoid Them

Growing and maintaining a real estate career is a promising yet challenging endeavor. The failure rate for agents is staggering—nearly half of all agents fail in the first five years. If you make it past this hump, you are still not immune to the ebbs and flows of the real estate market. To continue growing…

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Judge Removes HomeServices, Two States From Mega Buyer Suit

In a split decision Feb. 20, the judge overseeing the goliath buyer-side commission case dismissed some state-level claims by plaintiffs—and dropped one of the defendants entirely—in an opinion that appears to be a relatively small victory for big real estate brokerages, with most claims in the lawsuit still moving forward. Judge Andrea R. Wood, overseeing…

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Study: Racial Minority Groups Increased Homeownership Rates in 2022

Homeownership rates for racial minorities increased in 2022, with Asian and Hispanic Americans achieving historic peaks. Despite these advancements, disparities persist among racial and ethnic groups, notably with Black homeownership lagging. People of color continue to endure significant buying challenges throughout and after their home purchases, according to a new report from the National Association…

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Okanagan Market Update

Local Residential Real Estate Market Heading In The Right Direction

KELOWNA, B.C. – June 2nd, 2020. Residential sales across the region of Revelstoke to Peachland increased 95% totaling 446 units sold in May compared to April’s 299 unit yet remained down 42% from this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


New residential listings also saw an uptick totaling 1,198, an increase of 49% compared to last month’s new listings. Overall active listings increased 9% over April’s inventory of 3,467 yet remained 16% lower than April 2019’s
inventory of 4,490.


“While we are still in the midst of a global pandemic it is encouraging to see that residential sales are moving at an upward trajectory,” says OMREB President Kim Heizmann, adding that “we are starting to see a return to real estate activity which looks promising for the future, however we remain cautious about predicting future outcomes as many economic factors will have impacts.”


“Virtual tours and alternative technological solutions have ensured that real estate transactions can continue to transpire responsibly.”


The average number of days to sell a home increased from 83 days to 91 days. It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators will vary depending on home type and sub-region.


Whether you are a buyer or a seller, it’s always a good idea to work with a REALTOR® who will protect your interests on such a significant financial transaction.


More info on the Okanagan Mainline Real Estate Board Here

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Categories:   Kelowna
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.