The real estate market is brisk in the South Okanagan, with home prices increasing according to November, 2020 statistics. (Contributed)

The real estate market is brisk in the South Okanagan, with home prices increasing according to November, 2020 statistics. (Contributed)

House prices rise while supply is limited in South Okanagan

Real estate market active, according to November statistics from South Okanagan Real Estate Board

Sales of single-family homes in the South Okanagan were up considerably in November when compared to the same month in 2019.

According to statistics from the South Okanagan Similkameen Real Estate Board, sales of single-family residential properties increased by 70.9 per cent, from 79 units in November, 2019 to 135 units in November 2020.

READ ALSO: South Okanagan real estate sales boom in September

READ ALSO: South Okanagan sees increase in real estate activity

The number of active listings in the region has been dropping. In November, there were 1,326 active listings, down 13.7 per cent from 1,536 listings in October and down 25.2 per cent compared to the 1,772 listings in November 2019.

The average selling price rose by 27.3 per cent to $651,990, up from $512,022 in November 2019.

“We continue to see a very strong demand for residential housing, particularly in the single-family detached category,” said Lyndi Cruickshank, president of the real estate board.

“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.”

The South Okanagan Real Estate Board is comprised of 306 real estate agent members, 34 real estate offices in the southern interior of B.C. and six real estate offices in northern B.C.

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