Photo: The Canadian Press
Real estate turnover is down year-over-year in the South Okanagan for the month of May.
Compared to May 2019, the number of single family home sales for May 2020 are down 38.8%, townhouses are down 20.8% and condos and apartments are down 58.3%.
The average number of days to sell is also up across the board, with a 29.2% increase for single family homes, a 14.3% increase for townhouses and a 32.4% increase for condos and apartments.
But the SOREB president pointed out the average sale price for a single family home rose by 9% from $553,636 in May 2019 to $605,768 in May 2020, and said trends are improving when compared to April.
“It is encouraging to see realtors and consumers adapting in light of the pandemic,” Cruickshank said, adding that “we have seen a positive momentum compared to April, with consumers who were home bound due to the stay-at-home order, now making moves to either purchase or sell.”
The average sale price for townhouses went down 11.4% and the average for condos and apartments fell 5.3%.
Cruickshank is hopeful that the market is “picking up momentum” after some tough times during COVID-19.
“The real estate services we offer our clients, now more than ever, are critically needed as we help guide our clients through these changing times.”
The South Okanagan Real Estate Board is comprised of 300 Realtors, 36 real estate offices in the southern Interior of B.C. and seven real estate offices in northern B.C. For more information, click here.
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