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

COLUMN: Diminished Parliament means diminished accountability for Canadians

Bloc Quebecois and NDP use resumption of parliament as bargaining chip

Penticton Farmers Market prepares for return

The weekly market was put on-hold for months due to COVID-19

No injuries in Penticton Indian Band structure fire

The structure, which sustained significant damage, was boarded up and seemingly vacant

Dementia intensifies loneliness and loss for seniors in pandemic, says caregiver

Seniors care expert says patience and sharing keys to helping those with dementia cope through virus

B.C. legislature coming back June 22 as COVID-19 emergency hits record

Pandemic restrictions now longer than 2017 wildfire emergency

Houseboat company partly owned by Shuswap MLA withdraws controversial ad

The ad welcomed houseboaters from other provinces, contradicting anti COVID-19 measures.

Squabble between campers in North Shuswap leads to bear spraying

An argument over late night partying escalated into a fight which led to one person being sprayed

B.C.’s essential grocery, hardware store employees should get pandemic pay: retail group

Only B.C.’s social, health and corrections workers are eligible for top-ups

Edmonton, Vancouver and Toronto vying to be NHL hubs, but there’s a catch

The NHL unveiled a return-to-play plan that would feature 24 teams

B.C. sees 9 new COVID-19 cases, one death as officials watch for new cases amid Phase Two

Number of confirmed active cases is at 244, with 37 people in hospital

Penticton may soon allow drinking alcohol in some public places

Trying to inconspicuously drink on the beach could become a thing of the past

VIDEO: Flowers stolen from Vernon distillery

Okanagan Spirits Craft Distillery captured surveillance footage of the thief in a black car

Fundraiser launched for North Okanagan drive-in

Vernon resident seeks to raise $20K to save Starlight Drive-In

Most Read