Sold signs were a common sight in the South Okanagan real estate market for single family residential units last month.
(SHELBY THEVENOT / iNFOnews.ca)
October 06, 2020 - 7:30 PM
The South Okanagan real estate market continued to soar in September, depleting inventory faster than it could be replaced.
The South Okanagan Real Estate Board says in a media release issued, Oct. 5, single family residential sales grew by 122 per cent compared to September 2019, with 144 units sold last month compared to 85 units sold a year ago.
The average price of a single family home shows no sign of dropping, as September saw a 15 per cent increase in the price of a single family home from $573,315 last September to $660,201 this year.
Real Estate Board president Lyndi Cruickshank felt record low mortgage rates combined with lifestyle changes stemming from the COVID-19 pandemic helped to drive what she called, “a very high demand in the region, particularly with single-family homes.”
The number of homes for sale is a concern, however, as units aren’t coming on the market fast enough.
“Inventory is still struggling to keep up with the rate of demand as some sellers remain hesitant due to COVID concerns," Cruickshank said in the release. "Our realtors have adapted to the new normal and have found ways to continue helping our clients buy and sell homes while adhering to government guidelines and safety recommendations."
Last month’s inventory, at 497 units, is down 34.9 per cent from September last year.
Active listings totalled 1,671 last month, 19 per cent fewer than the September 2019 total of 2,085.
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