South Okanagan real estate new listings near historical highs - InfoNews

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South Okanagan real estate new listings near historical highs

New listing are up near record levels but monthly home sales dropped in April in the South Okanagan real estate market.
Image Credit: SUBMITTED/B.C. Assessment
May 16, 2019 - 7:00 AM

PENTICTON - April real estate figures show a continuing increase in the number of new listings with April numbers closing in on the historical high.

This April, 489 new residential listings were added, an increase of 15.3 per cent on a year over year basis, from 1,160 listings last year to 1,255 to date this year.

South Okanagan Real Estate Board President Lori Lionello says the number of new listings is reaching the all time high for the market, with the highest number of new listings ever added in a single month being 505, in May, 2011.

However, the number of home sales in the South Okanagan continued to decline in April compared to a year ago.

Lionello says the story so far in 2019 is one of "average supply and average demand."

She says the average home price appears to be stabilizing around the $400,000 mark.

The latest statistics from the South Okanagan Real Estate Board indicate the 182 units sold this April was down 38 units from April, 2018, when 220 units sold, a drop of 18 per cent.

Those figures are six sales units above the 10 year average for April.

Home sales dropped for the year to date this year, from 680 sales in 2018 to 478 sales this year, a decrease of 29.8 per cent.

April’s average price of a South Okanagan home was $421,295, down 4.4 per cent, or $19,533 from last April’s average price of $440,828.

This April, the total value of all property sales was $73.2 million, falling 24 per cent from $97 million last April.

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