South Okanagan real estate sales continue at rapid pace in July

The South Okanagan real estate market continues to move in positive territory following a dismal March and April due to COVID-19 restrictions.

The South Okanagan Real Estate Board says single-family home sales increased by 30 per cent, to 134 units sold in July, 2020, compared to 103 in July, 2019.

Active listings are down 11.75 per cent from last July’s 2,119 listings to 1,876 this July but the average sale price is up six per cent at $636,745 this July compared to $598,972 in July of 2019.

“We are seeing an increase in sales likely influenced by consumers re-assessing their needs post-quarantine,” South Okanagan Real Estate Board President Lyndi Cruickshank says, adding that “supply is yet to catch up to the demand as we work to support not only those looking to purchase but also people looking to safely place their homes on the market for sale."

"With many people making lifestyle and work changes, living in the Okanagan has become an even more attractive draw for many looking at moving from other communities. Upsizing, multi-generational living and secondary homes are some of the key determinations for many people currently buying and selling, along with record low interest rates,” she says.

“What we are experiencing is a shift in how people are looking forward at how they will live. People living in the city are recognizing they can now work remotely, we’re seeing people changing the size of the homes they're in. People aren’t travelling out of the country, so where they may have looked at buying a second home in Arizona, they are now looking at the Okanagan,” she says.

She says the South Okanagan market is seeing more offers on properties, but at the same time there are fewer homes on the market.

“Not everyone is comfortable having people in their homes just yet, so we are seeing a limited inventory, which tends to increase demand on what is available,” she says.

The situation is similar in Kelowna, where lifestyle changes also appear to be driving real estate interest.

In the Central Okanagan, Kelowna realtor Paul Cluff says the COVID-19 pandemic is driving lifestyle changes that is making the Okanagan a desirable place to live. He says market conditions in Kelowna have taken off in recent weeks, with a number of his peers having record-breaking sales.

Further north, the Okanagan Mainline Real Estate Board says the region, which stretches from Peachland to Revelstoke, saw sales of 791 units in June, up 77 per cent over May, 2020 and nine per cent higher than June of 2019.

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