Increasing sales and declining inventories mean prices are on the rise in the South Okanagan real estate market.
(SHELBY THEVENOT / iNFOnews.ca)
September 04, 2020 - 6:30 PM
South Okanagan realtors are seeing some new trends driving the estate market as it continues to bounce back from COVID-19 restrictions earlier this year.
The South Okanagan Real Estate Board says single family residential sales rose by 112 per cent in August compared to last year, with 174 units sold last month compared to 82 units sold in August 2019.
“It was a very busy August to say the least, with activity higher than usual for this time of year,” Real estate board President Linda Cruickshank says.
Cruickshank believes the increased sales are the result of a “back filling effect,” making up for sales that didn’t happen in the usually busy spring months.
Home prices are on the rise due to an increasing shortage of inventory. The average number of listings for August totalled 1,787, up 12 per cent from last August’s 1,587 listings, but down compared to July, 2020 at 1,870.
The average sale price for a single family home rose by 43 per cent to $709,562, compared to $494,349 in August 2019.
Cruickshank says a number of factors are pushing demand, including an increase in multi-generational living, greater interest in real estate investment and consumers who are trying to get away from the Lower Mainland and other densely populated areas.
“Space and comforts around perceived safety seem to be a consideration for some buyers,” Cruickshank said in the board’s monthly release of South Okanagan real estate statistics.
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