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South Okanagan real estate market remains hot

The South Okanagan Real Estate Board says single-family residential sales in the South Okanagan increased by 70.9% in November.

A total of 135 units were sold last month, compared to 79 units sold during the same time in November of 2019.

Overall sales dollars increased by 48% compared to the same time last year.

<who> Photo Credit: SOREB

The average sale price for single-family homes in November rose by 27.3% to $651,990 compared to $512,022 in November 2019.

In Penticton, there were 45 single family homes sold in November with an average selling price of just over $686 thousand.

In South Okanagan communities with more than 10 single family homes sold, the average selling price was $762 thousand in Summerland, $648 thousand in Oliver, and $597 thousand in Osoyoos.

“We continue to see a very strong demand for residential housing, particularly in the single-family detached category,” says SOREB President Lyndi Cruickshank. “Whether it is the need for more space, having the ability to work remotely or simply low interest rates making it more affordable for buyers to purchase move-up properties or all of the above, supply isn’t meeting the demand.”

<who> Photo Credit: SOREB

The number of active listings totalled 1,326 for November 2020, down 13.7% from last month’s 1,536 listings and a decrease of 25.2% compared to November 2019’s 1,772.

“When inventory is not able to build up, but you have extremely high demand this creates upward pressure on pricing as we can see from the data. There doesn’t seem to be any sign of this demand waning,” added Cruickshank. “Anyone looking to buy or sell should contact your realtor to discuss how best to support you safely and with government guidelines at the forefront."

For further information on the South Okanagan Real Estate Board, click here.

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