Home sales more than doubled across the South Okanagan in August, maintaining a remarkable run in spite of the pandemic.
A total of 174 single-family homes changed hands across the region last month, up 112% from 82 units in August 2019, according to new data from the South Okanagan Real Estate Board.
Prices were also up, with the average single-family home trading for $710,000, up 43% from $494,000 in the year-ago period.
“It was a very busy August to say the least, with activity being higher than usual for this time of year. The high level of sales is like ly the result of a back-filling effect, making up for sales that didn’t happen in the usually busy spring months,” SOREB president Lyndi Cruickshank said in a press release.
“While this is a strong sign of a resilient market, a shortage of inventory – particularly single-family homes – is putting upward pressure on pricing. A number of factors seem to be pushing demand with a pronounced increase in multi-generational living, greater interest in real estate investment and consumers looking to migrate from the densely populated areas. Space and comforts around perceived safety seem to be a consideration for some buyers.”
Penticton accounted for 59 of the single-family home sales, up 84% from a year ago, with the average sale price climbing 10% to $624,000.
There were 539 single-homes on the market at the end of August, down 33% from 2019.
