Okanagan-Shuswap real estate sales drop significantly in April

The economic turmoil is becoming more prevalent as the COVID-19 pandemic continues.

And it shows in local real estate statistics.

According to the Okanagan Mainline Real Estate Board, which reports on sales from Revelstoke to Peachland, sales totalled 299 in April, down from March’s 551 sales and down 58 per cent from this time last year.

New residential listings declined 41 per cent compared to last month’s new listings. Overall active listings saw a 4 per cent uptick over March’s inventory of 3,341 totalling 3,467 yet not reaching April 2019’s inventory of 4,046.

Despite the decrease in sales, prices remain relatively stagnant. The prices of both single-family homes and townhouses increased across the board, albeit only slightly. Condo and apartment prices decreased by less than one percentage point in both the Central Okanagan and Shuswap/Revelstoke regions, but saw a two per cent increase in the North Okanagan.

“Market activity for this time of year is usually quite healthy,” says OMREB president Kim Heizmann. “The economy has taken a big shock to the system due to the pandemic and, no surprise, so has the real estate market.

Heizmann said this will change in the coming weeks and months as businesses reopen and consumers who temporarily pushed pause on their buying or selling activities due to the virus will resume their real estate plans.