Penticton News

South Okanagan residential sales push upward in November

November real estate sales were up more than 25 per cent compared to a year ago in the South Okanagan.

Residential real estate sales took off throughout the Okanagan in November.

The South Okanagan market continued the rebound that began earlier this year following a slowdown that began late last year.

The latest data from the South Okanagan Real Estate Board shows November residential sales were up 26 per cent over November 2018.

Sales were up in the Central and North Okanagan as well, where the average sale price of a residential property increased by 13 per cent in November.

South Okanagan Real Estate Board president Dori Lionello says there has been more market activity this November than last with the year ending stronger than expected.

"We are seeing multiple offers on properties priced to move before the snow falls," she says, adding market activity is significantly more robust around Apex.

A total of 121 residential units sold last month in the South Okanagan, up 23 per cent November 2018.

The number of units sold year to date is still down by seven per cent.

New listings were also up in November by eight per cent compared to the same mont last year.

The average sale price of a residential home in the South Okanagan was $418,150 in November, up 2.2 per cent compared to a year ago. That compares with an average sale price of $586,159 in the Central and North Okanagan.

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