Fewer listings fail to slow South Okanagan real estate market | iNFOnews | Thompson-Okanagan's News Source

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Fewer listings fail to slow South Okanagan real estate market

Even with the approach of winter, there are few signs of a slowdown in the South Okanagan real estate market.

Sales of single-family homes grew by 44 per cent in October compared to the same month a year ago, according to a South Okanagan Real Estate Board media release. The board said 123 units sold last month compared to 85 in October 2019.

"Residential sales are higher than expected, in particular for October, which would typically be the start of a seasonal slowdown for the year,” real estate board president Lydia Cruickshank said in the release.

READ MORE: Housing prices and sales continue to soar in Kamloops and Okanagan

The average sale price rose by 19.7 per cent for single-family homes to $656,547 last month compared to $598,714 in October 2019. Total sales volume for single-family homes rose by 41 per cent to $80,755,285 last month from $50,890,650 during the same month last year.

The number of active listings continues to diminish, however, with October’s active listings down 20 per cent at 1,536. Last year in October there were 1,921 listings. That’s also down eight per cent from last month’s 1,671 listings.

“We continue to see exceptional demand for homes throughout the South Okanagan with limited inventory,” Cruickshank said.

Similar market conditions are being seen in Kamloops and in the Central and North Okanagan, where sales rose sharply last month compared to October a year ago. The number of new listings are dropping in those markets as well.

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