August busy month for local real estate market
By Bill Atwood
The South Okanagan Real Estate Board (SOREB) is reporting that August was an unusually busy month for the real estate market, especially in single family home sales.
The average sale price for single family homes in the SOREB increased by 46 per cent to $709,562, with the average number of days to sell seeing a slight increase of eight per cent to 77 days over the same month last year. Sales in Osoyoos and Oliver in particular saw high increases over August 2019.
In Oliver, 15 single family homes were sold, a 150 per cent increase over August 2019. The average sale price was up 49 per cent to $636,933. Osoyoos saw a huge jump in sales up 1100 per cent to 12 total, while the average sale price was up 273 per cent to $734,993. This is in contrast to town houses and apartment sales which generally saw small decreases in total sales and prices in the two towns.
In a press release, SOREB president Lyndi Cruickshank explained that slower spring sales likely led to the increase. “The high level of sales is likely the result of a back-filling effect, making up for sales that didn’t happen in the usually busy spring months.”
Cruickshank also stated that there were a number of other factors that led to the increase including a more multi-generational living, higher interest in real estate investing, and increased migration from higher populated areas.
“Space and comforts around perceived safety seem to be a consideration for some buyers,” Cruickshank explained.