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

COVID-19. (Image courtesy CDC)
Interior Health reports 65 new cases of COVID-19

Province-wide, there are 887 new cases of the virus

Darrell RIchards and his Harley Davidson Streetglide in front of Discovery House in Penticton on Nov. 5. (Brennan Phillips - Western News)
Penticton biker still in running for custom chopper competition

Darrell Richards is sitting in first in the final round of the group stage

Penticton's Courthouse. (File)
Six months jail for robbing Okanagan cannabis dispensary

After time served, the 29-year-old has another month in prison

Glass of whiskey
UBCO substance use clinic goes virtual

The clinic is adapting the way it provides services as the pandemic continues

Police have identified this woman accused of spitting on an employee at the Skaha Liquor Store on Sunday, Nov. 21. She also is seen on video purposely dropping his phone.
Unmasked woman who allegedly spat on a Penticton employee has been identified

Police say thanks to the public, they were able to identify her

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

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

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

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

In mid-July, the home of an Indo-Canadian family in Summerland was vandalized, with images including swastikas spray-painted on the house. Since that time, Summerland Mayor Toni Boot has been calling for community conversations about issues relating to race. (Summerland Review file photo)
Provincial funds available for Summerland conversations about racism

Money will not flow directly from province to municipality

B.C. Premier John Horgan, a Star Trek fan, can’t resist a Vulcan salute as he takes the oath of office for a second term in Victoria, Nov. 26, 2020. (B.C. government)
Horgan names 20-member cabinet with same pandemic team

New faces in education, finance, economic recovery

The Okanagan Quality Life Society which usually gives tours of Okanagan Lake to seniors and shut-ins on its boat Heaven Can Wait has created a virtual tour video in the wake of the COVID-19 pandemic which shut down the tours in 2020. (Morning Star - file photo)
Okanagan Lake virtual boat tours launched

Okanagan Quality Life Society normally gives tours on Okanagan Lake on its boat Heaven Can Wait

The Allan Brooks Nature Centre is kicking off a Light The Night fundraising campaign online to help with Christmas shopping for the public and fundraising for the popular Vernon attraction. (ABNC Photo)
Light the Night campaign boosts North Okanagan nature centre

Allan Brooks Society hosting online auction of 12 items; donations can also be made to help centre

Most Read