By Lyonel Doherty
While MLS sales in the South Okanagan have taken a big hit during COVID-19, realtors are gearing for a comeback.
So says Lyndi Cruickshank, president of the South Okanagan Real Estate Board.
She reports that total MLS sales decreased by 60 per cent to 239 units sold in April, compared to 596 units sold in April of last year.
Total active listings totalled 1,795 last month, a decrease of 6.7 per cent from last April’s 1,916 listings.
“Usually competition amongst buyers and sellers is heating up at this time of year,” she says. “As expected, we are not seeing that this year due to the coronavirus and many consumers putting their real estate plans on hold.”
But as the economy re-opens and consumers resume their selling or purchasing plans, things will pick up again, Cruickshank points out.
“With little to no market competition, now might be the perfect time to buy or sell a home,” she says.
Last month there was a total of 29 sales (down 71 per cent) in the South Okanagan region. The average sale price of a single-family home was $643,600 (up 26 per cent). The average condominium sold for $304,667, while the average townhouse sold for $372,068.
In Osoyoos, single-family home sales (one) dropped 90 per cent last month, with the average sell price of $452,500 (up four per cent). Two townhouses sold in April, with the average sell price of $528,750 (up 31 per cent).
In Oliver, single-family home sales (two) dropped 78 per cent, with the average sell price of $587,500 (up 48 per cent). One townhouse sold for $135,000 (down 55 per cent), while one apartment sold for $255,000.
For information on listings in the South Okanagan, visit www.soreb.org.
