North Okanagan home sales and prices recover from pandemic

Jun 4, 2020 | 11:35 AM

Last month, sales and overall prices were down for most types of residential real estate in the North Okanagan.

However, total units sold saw a jump of 64 units from April, so there is positive signs.

The Okanagan Mainline Real Estate Board (OMREB) said there were 131 homes sold in May, down 29 per cent from a year ago, and the average residential price was down six per cent to $447,174.

Around the entire OMREB region, real estate sales were up 95 per cent from April, but down 42 per cent from a year ago.

(submitted photo/OMREB)

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OMREB President Kim Heizmann says the numbers show some positive trends.

“While we are still in the midst of a global pandemic it is encouraging to see that residential sales are moving at an upward trajectory. We are starting to see a return to real estate activity which looks promising for the future, however we remain cautious about predicting future outcomes as many economic factors will have impacts,” Heizmann said.

Heizmann, a Vernon realtor, said virtual tours and alternative technological solutions have ensured real estate transactions can continue to transpire responsibly.

New residential listings saw an increase totaling 1,198, an increase of 49 per cent compared to last month’s new listings. Overall active listings increased nine per cent over April’s inventory of 3,467 yet remained 16 per cent lower than April 2019’s inventory of 4,490.

The average number of days to sell a home increased from 83 days to 91 days around the region.

“It is important to note that OMREB reports on all market statistics for the entire board region and that the indicators will vary depending on home type and sub-region,” an OMREB news release said.

by Pete McIntyre

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