Multiple offers are being placed on desirable properties in the South Okanagan real estate market as prices continue to rise in spite of COVID-19 restrictions earlier in the year.
(SHELBY THEVENOT / iNFOnews.ca)
July 21, 2020 - 5:17 PM
There’s room for optimism but still a considerable amount of uncertainty in South Okanagan real estate market as it bounced back in June after a considerable slowdown in the second quarter.
South Okanagan Real Estate Board reports the second quarter of 2020 was down 24 per cent over the same period a year ago with 407 residential transactions.
The market rebounded strongly in June, however, with 213 residential transactions, up 27 per cent compared to June of 2019, the board said in a media release.
Inventory continues to be limited in the South Okanagan, with 585 single family homes for sale, down 28 per cent from a year ago.
Strong demand and limited supply continues to fuel home prices in the South Okanagan in spite of COVID-19 concerns, with multiple offers not uncommon on desirable properties.
The average selling price of a single family home was $622,451, up 15 per cent compared to the second quarter last year.
The real estate board said the market had reason for cautious optimism, but the possibility of a second wave of the COVID-19 virus added to uncertainty in the market place.
Affordability was being dampened by rising home prices and changes to public polices regarding income needed to qualify for a mortgage, the board said.
The pandemic will likely accelerate the trend of families evaluating their lifestyles and moving from highly dense and costly jurisdictions such as the Lower Mainland, according to the real estate board.
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