Real estate sales in the South Okanagan were down 60 per cent in April compared to the same month last year, according to the South Okanagan Real Estate Board (SOREB).
In total, 239 units were sold in April 2020 compared to 596 in 2019.
Total listings were also down, but not nearly as much as sales.
There were 1,795 active listings in April, a decrease of 6.7 per cent from last April’s 1,916 listings.
Single family homes were the most commonly sold property in April.
The different types of South Okanagan properties sold in April 2020. (South Okanagan Real Estate Board)
The average price single family home in Penticton, during the month of April, was $585,492.
Most South Okanagan homes were sold in Penticton, whereas Summerland homes were the most expenisve on average. (South Okanagan Real Estate Board)
“Usually competition amongst buyers and sellers is heating up at this time of year,” said SOREB President Lyndi Cruickshank. “As expected we are not seeing that this year due to coronavirus and many consumers putting their real estate plans on hold.
“However, as the economy re-opens and those consumers resume their selling or purchasing plans this will pick up again. With little to no market competition, now might be the perfect time to buy or sell a home.”
The South Okanagan Real Estate Board is comprised of 304 certified members, 36 real estate offices in the southern interior and seven real estate offices in northern B.C.