Real estate market struggling to meet demand
Contributed to Times-Chronicle
The South Okanagan Real Estate Board (SOREB) reports that single-family residential MLS® sales in the South Okanagan increased by 122 per cent to 144 units sold in September, compared to 85 units sold during the same time in 2019.
The number of active listings totalled 1,671 for September 2020, down 19 per cent from 2,085 listings, and a decrease compared to August 2020’s 1,787.
Overall sales dollars increased by 36 per cent compared to the same time last year, as well as the average sale price for single-family homes in September rose by 15 per cent to $660,201, compared to $573,315 in September 2019.
“We are still seeing a very high demand in the region particularly with single-family homes,” said SOREB President Lyndi Cruickshank, adding that, “This could be the result of record low mortgage rates coupled with certain lifestyle changes stemming from the pandemic, such as having the ability to work remotely or simply from consumers wanting more space after having been stuck at home during quarantine.”
With that said, inventory is still struggling to keep up with the rate of demand as some sellers remain hesitant to list due to COVID concerns, Cruickshank said.
She noted that realtors have adapted to the new normal and have found ways to continue helping clients buy and sell homes while adhering to government guidelines and safety recommendations.
The South Okanagan Real Estate Board is comprised of 295 realtors, , 35 real estate offices in the southern interior of B.C. and seven real estate offices in northern B.C.
For more information, visit www.REALTOR.ca or www.soreb.org.