Selling a home in the South Okanagan during a pandemic has proved to be a difficult task. Sales are down 60 per cent compared to this time last year while total listings are down just below seven per cent. (Black Press Media file)

Selling a home in the South Okanagan during a pandemic has proved to be a difficult task. Sales are down 60 per cent compared to this time last year while total listings are down just below seven per cent. (Black Press Media file)

South Okanagan real estate sales drop dramatically in April

Industry insiders suggest potential home buyers and sellers could benefit from a lack of competition

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.

READ MORE: South Okanagan real estate market adjusting to ‘new normal’

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.

For comprehensive real estate listings and home buying and selling information, visit the national website REALTOR.ca or the public website soreb.org.

READ MORE: Summerland winery sold for $5.2 million

@PentictonNews
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