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.
(SHELBY THEVENOT / iNFOnews.ca)
July 03, 2020 - 5:30 PM
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.
To contact a reporter for this story, email Steve Arstad or call 250-488-3065 or email the editor. You can also submit photos, videos or news tips to email@example.com and be entered to win a monthly prize draw.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.
News from © iNFOnews, 2020