Housing sales and the average selling prices are both increasing in the South Okanagan, according to statistics released by the South Okanagan Real Estate Board. (Contributed)

Housing sales and the average selling prices are both increasing in the South Okanagan, according to statistics released by the South Okanagan Real Estate Board. (Contributed)

South Okanagan housing market shows increase in activity

Number of sales and average selling prices both higher in October than same month in 2019

Single family home sales increased in the South Okanagan in October when compared with the same month a year ago.

Statistics from the South Okanagan Real Estate Board showed there were 123 units sold in October this year, a 44 per cent increase from the 85 units sold during the same month in 2019.

It took an average of 68 days to sell a single-family house, according to the real estate board.

There were 1,536 active listings in October, a drop of eight per cent from September’s listings and a 20 per cent drop from the October 2019 listings.

The average selling price in October is almost 20 per cent higher than it was during the same month in 2019.

In October, the average single-family home price was $656,547, a 19.7 per cent increase from the average price of $598,714 in October, 2019.

There were 35 townhouse sales in October, at an average price of $449,936 and an average time on the market of 105 days.

READ ALSO: South Okanagan real estate sales boom in September

READ ALSO: South Okanagan sees increase in real estate activity

This represents a 59.1 per cent increase in sales and a 32.7 per cent increase in the average selling price.

While sale activity also increased in condominium and apartment sales, the average selling price decreased.

A total of 56 condominiums sold in October, up 229.4 per cent from the same month a year ago. However, the average selling price of $321,671 represents a 12.3 per cent decrease.

“Residential sales are once again higher than expected, in particular for October which would typically be the start of a seasonal slowdown for the year,” sad Lyndi Cruickshank, president of the real estate board.

She added that the board expects to see a continued demand for homes in the region, despite the limited inventory.

The increase in housing sales activity and the price increase was not consistent throughout the region.

In Penticton, the average single family home sold for $708,308, a 20 per cent increase from a year earlier.

In Osoyoos, the increase was greater, with an average selling price of $775,441, or 31 per cent higher than the year before.

Princeton’s average single family home price was $473,710, which is a 27 per cent increase.

Summerland’s average selling price of $634,867 is 12 per cent lower than during October, 2019.

In Kaleden and Okanagan Falls, the average selling price was $710,378, which is a 31 per cent decrease from October, 2019.

The South Okanagan Real Estate Board consists of 295 real estate agent members and 35 offices in the southern interior and seven real estate offices in northern British Columbia.

To report a typo, email:
news@summerlandreview.com
.



news@summerlandreview.com

Like us on Facebook and follow us on Twitter.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Phil McLachlan file photo
Serious crash closes highway in Oliver

Highway 97 was closed in both directions overnight

The Penticton Curling Club is closed due to a member testing positive for COVID. (Facebook)
COVID-19 case closes Penticton Curling Club

A member tested positive, says the curling club

Sickle Point as seen from the air. (Kaleden Community Association - David Mai)
Efforts to save Sickle Point down to the wire

The riparian wetland is in the middle of a court-ordered sale

Paul Biro of Summerland has organized a special drive-by holiday lights event to take place on the evening of Friday, Nov. 27. (Contributed)
Extra COVID-19 safety protocols added to Summerland drive-by lights tour

Map is available by download; living nativity and Santa display eliminated

B.C. Health Minister Adrian Dix and provincial health officer Dr. Bonnie Henry update the COVID-19 situation at the B.C. legislature, Nov. 23, 2020. (B.C. government)
B.C. sets another COVID-19 record with 887 new cases

Another 13 deaths, ties the highest three days ago

RCMP searched for a suspect in Polson Park following an assault on a woman Thursday, Nov. 26. (Morning Star file photo)
Public warned after woman assaulted in Vernon’s Polson Park

RCMP on the hunt for suspect, described as in his 30’s

Arthur Topham has been sentenced to one month of house arrest and three years of probation after breaching the terms of his probation. Topham was convicted of promoting hate against Jewish people in 2015. (Photo submitted)
Quesnel man convicted for anti-Semitic website sentenced to house arrest for probation breach

Arthur Topham was convicted of breaching probation following his 2017 sentence for promoting hatred

Langley School District's board office. (Langley Advance Times files)
‘Sick Out’ aims to pressure B.C. schools over masks, class sizes

Parents from Langley and Surrey are worried about COVID safety in classrooms

The baby boy born to Gillian and Dave McIntosh of Abbotsford was released from hospital on Wednesday (Nov. 25) while Gillian continues to fight for her life after being diagnosed with COVID-19.
B.C. mom with COVID-19 still fighting for life while newborn baby now at home

Son was delivered Nov. 10 while Gillian McIntosh was in an induced coma

Summerland’s recreational facilities, including the arena and the aquatic centre, are open at present, but regulations are in place to slow the spread of the COVID-19 pandemic. (Summerland Review file photo>
COVID-19 safety protocols in place at Summerland’s municipal buildings

Doors remain open, but masks, physical distancing and other measures have been put in place

The Rutland IGA is located in Willow Park Shopping Centre at 590 BC-33. (Michael Rodriguez - Kelowna Capital News)
Customer asked to mask up, throws hot coffee at Kelowna IGA employee

The woman grabbed cat food on her way out when she refused to wear a mask

City of Armstrong Public Works Yard. (Google Maps)
Armstrong city staffer threatened in snow removal complaint

Community services manager says ‘veiled threat’ is believed to have been flippant, but is being taken seriously

Most Read