South Okanagan real estate sales increased by 12 per cent in March. However, insiders say the market is slowing down due to COVID-19. (File photo)

South Okanagan real estate market adjusting to ‘new normal’

Numbers are up in March; however, industry insiders say the market has cooled

Real estate sales in the South Okanagan increased by 12 per cent in March compared to sales in the same month last year, according to a report from the South Okanagan Real Estate Board (SOREB).

In total, 160 units were sold in the South Okanagan in March, up from 142 in 2019.

As for total active listings, the SOREB reported 1803 for March 2020, an increase of 5.3 per cent from last March’s 1713 listings.

READ MORE: Summerland winery sold for $5.2 million

Despite the increase in sales, SOREB President Lyndi Cruickshank said the market is slowing down — likely due to COVID-19.

“While the data may not fully capture it, local market activity has cooled ahead of what should have been a spring bloom in light of the pandemic,” stated Cruickshank in the SOREB’s report. “This will continue as we all adjust to a new normal, but in the meantime, the need to assist buyers and sellers who were in the middle of the home buying or selling process is still a very real reality.”

Cruickshank continued to say that SOREB members are doing everything they can to mitigate the spread of COVID-19 while continuing to serve clients.

“There are also those who are unable to wait out this situation and require the assistance of a real estate professional,” she said.

The SOREB is comprised of 304 realtors who are members of the Canadian Real Estate Association.

For more information on real estate listings, home buying and selling in Canada visit REALTOR.ca or for information specific to the South Okanagan visit soreb.org

READ MORE: COLUMN: Economic impact of COVID-19 will be enormous and difficult to estimate

@PentictonNews
editor@pentictonwesternnews.com

Like us on Facebook and follow us on Twitter.

CoronavirusReal estate

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

Just Posted

Keremeos winery co-owned by Dr. Bonnie Henry

B.C.’s provincial health officer is part of the original ownership group of Clos du Soleil in Keremeos

Severe thunderstorm watch in effect for Okanagan, Shuswap

Environment Canada is forecasting strong wind gusts, large hail and heavy downpours in parts of the Interior

WorkSafe BC conducted 70 inspections in the Okanagan amid B.C.’s reopening plan

WorkSafe BC has conducted 100 inspections at restaurants across the province since May 19

EDITORIAL: Revisiting alcohol consumption

A proposal to allow alcohol consumption in some public spaces in Penticton deserves consideration

Chute Lake Lodge opens June 1, offering glamping, yurt, and ebike rentals

Escape into the wilderness and #lovelocalpenticton when Chute Lake Lodge reopens for the season

11 new COVID-19 cases in B.C. as top doc urges caution amid ‘encouraging’ low rates

Dr. Bonnie Henry also announced that two care home outbreaks would be declared over

District offers safety tips after cougar spotted near Lake Country school

The animal was seen on a walking trail near Peter Greer Elementary Saturday morning

Surrey mayor’s party under fire for ‘sickening’ tweet accusing northern B.C. RCMP of murder

Mayor Doug McCallum says tweet, Facebook post ‘sent out by unauthorized person’

Father’s Day Walk Run for prostate cancer will be virtual event this year throughout B.C.

The annual fundraiser for Prostate Cancer Foundation BC has brought in $2.5 million since 1999

Shuswap man reported missing by RCMP has been found unharmed

Salmon Arm resident apologizes for having caused anyone concern

Emergency crews rush youth to hospital after quadding accident in West Kelowna

West Kelowna Fire Rescue’s new off-road vehicle was used in the rescue

Dr. Bonnie Henry announces official ban on overnight kids’ camps this summer

New ban comes after talking with other provincial health officials across the country, Henry says

Senior man in hospital after unprovoked wolf attack near Prince Rupert

Conservation officers are on site looking for the wolf

VIDEO: NASA astronauts blast off into space on SpaceX rocket

Marks NASA’s first human spaceflight launched from U.S. soil in nearly a decade

Most Read