The South Okanagan is experiencing a real estate boom.
With a total of 123 units sold, single-family residential sales in the South Okanagan increased by 44% in October.
That compares to 85 units sold during the same time in 2019.
While sales have increased, inventory has decreased.
According to the South Okanagan Real Estate Board, the number of active listings totalled 1,536 for October 2020, down 8% from last month’s 1,671 listings and a decrease of 20% compared to October 2019, when there were 1,921 active listings.
“Residential sales are once again higher than expected, in particular for October which would typically be the start of a seasonal slowdown for the year,” says SOREB President Lyndi Cruickshank. “We continue to see exceptional demand for homes throughout the South Okanagan with limited inventory.”
Overall sales dollars increased by 41% compared to the same time last year. The average sale price for single-family homes in October rose by 19.7% to $656,547 compared to $598,714 in October 2019.
Osoyoos leads the South Okanagan in average selling price, with single family homes selling for just over $775 thousand, and townhomes selling for $627 thousand.
In Penticton, the average sale price was $708 thousand for a single family home, $425 thousand for a townhome and $317 thousand for an apartment.
“With an uptick of COVID cases in the province, we encourage anyone looking to buy or sell to contact your realtor to discuss how best to support you,” added Cruickshank. “Thanks to technology, we are able to remain vigilant and continue to conduct business in a safe and socially distant manner, following government guidelines and safety recommendations."
For more information on SOREB, click here.
