Demand high for real estate heading into fall

Oct 5, 2020 | 11:25 AM

Residential real estate sales in September were up 12 per cent over August, and by 78 per cent from a year ago in the Okanagan Mainline Real Estate region.

Board president Kim Heizmann said they are seeing higher demand likely due to post-quarantine lifestyle changes.

“Unusual market activity seems to be the theme this year, although not surprising considering there is nothing normal about 2020,” Heizmann said, adding “the pandemic has definitely made people look at things differently.”

OMREB said 163 single-family homes sold in the North Okanagan last month with a benchmark price of $517,800.

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The average number of days to sell a home was 73 days.

The Central Okanagan had 356 sales of single family homes with a benchmark price of $710,700.

Sales inventory was down in all three regions.

New residential listings saw some improvement over last month’s 1,237 totaling 1,269 new listings. The overall number of active listings decreased 11 per cent over August’s inventory of 3,658 and came in 22 per cent lower than September 2019’s active listings.

by Pete McIntyre

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