Home sales in the South Okanagan are booming compared to this time last year.
Despite the pandemic, many people are evidently still buying homes in the region.
The South Okanagan Real Estate Board (SOREB) reports that single-family residential sales in the South Okanagan more than doubled in September 2020 compared to September 2019, with an increase of 122 per cent.
There were 144 units sold in September compared to 85 units sold during the same time in 2019. The number of active listings totalled 1,671 for September 2020, down 19 per cent from last years’ 2,085 listings and a decrease compared to August 2020’s 1,787, showing demand for homes is up despite fewer options.
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| September 2020 in Penticton saw sales of 55 single family units, 14 townhouses, and six apartments, according to data released Oct. 5 2020 by SOREB. |
Overall sales dollars increased by 36 per cent compared to the same time last year. As well, the average sale price for single-family homes in September 2020 rose by 15 per cent to $660,201 compared to $573,315 in September 2019, according to the real estate board.
“We are still seeing a very high demand in the region particularly with single-family homes,” said SOREB president Lyndi Cruickshank.
Cruickshank attributed this to “record low” mortgage rates, pandemic related lifestyle changes, or homeowners simply wanting more space at home after having spent so much time indoors during quarantine.
Cruickshank went on to explain that there are fewer options for potential buyers because some sellers are hesitant to list their homes due to COVID-19 concerns.
“Our realtors have adapted to the new normal and have found ways to continue helping our clients buy and sell homes while adhering to government guidelines and safety recommendations,” she said.
For more information on the real estate market in the South Okanagan visit soreb.org.
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