The South Okanagan Real Estate Board saw an increase in real estate activity in July. (Contributed)

South Okanagan sees increase in real estate activity

More single family homes sold at higher prices when compared with a year ago

Sales of single family residential homes in the South Okanagan increased considerably in July compared with the same period a year ago.

According to the latest statistics from the South Okanagan Real Estate Board, there were 134 units sold in July, a 30 per cent increase from the 103 units sold in the July, 2019.

However, the number of active listings, at 1,870, is down from last July’s 2,119 active listings.

The average sale price for a single family home in July 2as $636,745, a six per cent increase from the average sale price of $598,972 in July, 2019.

READ ALSO: Struggling South Okanagan real estate market rebounds in June

READ ALSO: South Okanagan real estate sales drop dramatically in April

On average, it took 75 days for a single family house to sell.

“We are seeing an increase in sales likely influenced by consumers re-assessing their needs post- quarantine,” said Lyndi Cruickshank, president of the real estate board.

“Supply is yet to catch up to the demand as we work to support not only those looking to purchase but also people looking to safely place their homes on the market for sale.”

Prices varied around the South Okanagan and Similkameen.

In Kaleden and Okanagan Falls, where 10 homes were sold, the average selling price was $1,325,860.

Osoyoos saw 15 sales, with an average price of $738,003 and Summerland, with 18 sales, had an average price of $684,856.

In Penticton, there were 48 sales, with an average price of $547.090.

Princeton had the lowest average selling prices in the region. There were 15 sales, with an average selling price of $304,267 in that community.

“With many people making lifestyle and work changes, living in the Okanagan has become an even more attractive draw for many looking at moving from other communities,” Cruickshank said.

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