South Okanagan Housing market surges in July | iNFOnews | Thompson-Okanagan's News Source

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South Okanagan Housing market surges in July

There were quite a few more sold signs on South Okanagan real estate in July than there was in July, 2018.
Image Credit: SUBMITTED/B.C. Assessment
August 19, 2019 - 4:45 PM

PENTICTON - Home sales in the South Okanagan surged in July following months of declining sales numbers.

“Home sales are picking up steam heading into the second half of 2019 following a sluggish second half of 2018 and the first half of 2019,” South Okanagan Real Estate Board president Dori Lionello says in her monthly sales report.

Home sales in the South Okanagan were up 14.1 per cent over July 2018, from 181 units sold last year compared to 202 in July, but overall sales for the year are still off by 17.6 per cent from 2018. Last year, 1,301 units were sold year-to-date compared to 1,068 this year.

Lionello says the average home price in July was $474,505, up 13 per cent from the average of $421,075 during the same month last year.

The total value of all homes sold last month reached $99.6 million, a jump of 28.9 per cent from $76,214,538 in July 2018.

July’s total sales value almost eclipsed the record of $100,604,162, set two years ago.

Active listings continue to remain close to average numbers for this time of year, with 1,454 active listings at the end of July, up 18.2 per cent from the same month last year.

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News from © iNFOnews, 2019

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