Real estates sales remain hot in Okanagan, but with fewer options for buyers | iNFOnews | Thompson-Okanagan's News Source

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Real estates sales remain hot in Okanagan, but with fewer options for buyers

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December 02, 2020 - 4:11 PM

November was a good month to sell a home in the Okanagan with a 71 per cent increase in residential sales reported by the real estate association compared to 2019 and with fewer active listings compared to last year.

October saw a 15 per cent dip, compared to last year's sales from Revelstoke to Peachland, but last month saw the 71 per cent spike, according to an Okanagan Mainline Real Estate Board news release.

The supply of homes for sale, or overall active listings, is still struggling to meet the high demand and has dropped by 19 per cent compared to October’s inventory of 2,787. Last month's active listing are 30 per cent lower than November 2019’s numbers, according to the real estate board.

“We continue to see high residential housing demand despite a mild seasonal slowdown generally seen during this time of year,” board president Kim Heizmann said in the release. “It’s typical for market conditions to cool as the weather cools, yet that, much like everything else this year, hasn’t happened."

“Looking at the numbers we can see that consumer demand is not being met due to record low listings, which creates upward pressure on pricing. Essentially, the demand is so high that it is difficult for inventory to build up.”

The average number of days to sell a home increased by seven per cent to 88 days in November.

The real estate board reports on all market statistics for the entire region and said the indicators will vary depending on home type and sub-region.

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