South Okanagan real estate sales rebounding after COVID-19 restriction eased

There were more of these signs in the South Okanagan real estate market this past June compared to a year ago, as indications are the market is returning to normal after two months of a COVID-19 induced downturn.

After two tough months in April and May due to COVID-19 shutdowns, things are on the upswing in the South Okanagan Real Estate market.

The South Okanagan Real Estate Board reports today, July 3, single family residential sales grew by 36 per cent over June, 2019, with sales of 121 units last month, compared to 89 units sold a year ago.

“Housing market activity certainly increased in June, in stark contrast to what we saw the month before, but as risks still exist business has not returned to normal,” President Lyndi Cruickshank says.

Active listings dropped 18 per cent last month to 1,798 compared to 2,185 in June, 2019, but they were up 15 per cent from May 2020.

The average single family home price increased by 20 per cent from $513,248 in June, 2019, to $617,986 this June.

“The increase in activity does draw cautious optimism for the housing market to recover sooner than may have been expected,” Cruickshank says.

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