Housing sales and the average selling prices are both increasing in the South Okanagan, according to statistics released by the South Okanagan Real Estate Board. (Contributed)

Housing sales and the average selling prices are both increasing in the South Okanagan, according to statistics released by the South Okanagan Real Estate Board. (Contributed)

South Okanagan housing market shows increase in activity

Number of sales and average selling prices both higher in October than same month in 2019

Single family home sales increased in the South Okanagan in October when compared with the same month a year ago.

Statistics from the South Okanagan Real Estate Board showed there were 123 units sold in October this year, a 44 per cent increase from the 85 units sold during the same month in 2019.

It took an average of 68 days to sell a single-family house, according to the real estate board.

There were 1,536 active listings in October, a drop of eight per cent from September’s listings and a 20 per cent drop from the October 2019 listings.

The average selling price in October is almost 20 per cent higher than it was during the same month in 2019.

In October, the average single-family home price was $656,547, a 19.7 per cent increase from the average price of $598,714 in October, 2019.

There were 35 townhouse sales in October, at an average price of $449,936 and an average time on the market of 105 days.

READ ALSO: South Okanagan real estate sales boom in September

READ ALSO: South Okanagan sees increase in real estate activity

This represents a 59.1 per cent increase in sales and a 32.7 per cent increase in the average selling price.

While sale activity also increased in condominium and apartment sales, the average selling price decreased.

A total of 56 condominiums sold in October, up 229.4 per cent from the same month a year ago. However, the average selling price of $321,671 represents a 12.3 per cent decrease.

“Residential sales are once again higher than expected, in particular for October which would typically be the start of a seasonal slowdown for the year,” sad Lyndi Cruickshank, president of the real estate board.

She added that the board expects to see a continued demand for homes in the region, despite the limited inventory.

The increase in housing sales activity and the price increase was not consistent throughout the region.

In Penticton, the average single family home sold for $708,308, a 20 per cent increase from a year earlier.

In Osoyoos, the increase was greater, with an average selling price of $775,441, or 31 per cent higher than the year before.

Princeton’s average single family home price was $473,710, which is a 27 per cent increase.

Summerland’s average selling price of $634,867 is 12 per cent lower than during October, 2019.

In Kaleden and Okanagan Falls, the average selling price was $710,378, which is a 31 per cent decrease from October, 2019.

The South Okanagan Real Estate Board consists of 295 real estate agent members and 35 offices in the southern interior and seven real estate offices in northern British Columbia.

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