Photo: The Canadian Press
The pandemic arrived late enough in March that it didn’t negatively impact the month’s home sales in the Okanagan Mainline Real Estate Board region.
April, of course, will be another matter.
The number of residential sales across the OMREB region, which covers Revelstoke to Peachland, increased from 435 in February to 551 in March. That number is six more than the 545 homes that were sold in March 2019.
“While the market remained steady in March, this will likely slow down as the economic impacts of COVID-19 continue to develop,” OMREB president Michael Loewen said in a press release. “In the meantime, real estate professionals are still able to utilize technology-driven solutions to help accommodate these transactions during self-distancing precautions.”
The benchmark price of a single-family home in the Central Okanagan increased 2.3% to $667,700, and it jumped 4.7% in the North Okanagan to $488,200. The benchmark price is neither the average nor the median price, as it represents a dwelling with “typical attributes” to those traded in the area.
The number of listings in the Okanagan Mainline region jumped 45% from February to March, but the 3,341 active listings is actually 6% down from this time last year.
Image: Contributed
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