Residential real estate market sees pent-up demand

The South Okanagan Real Estate Board (SOREB) reports that single-family residential MLS sales in the South Okanagan increased by 30% to 134 units sold in July compared to 103 units sold during the same time in 2019.

The number of active listings totalled 1,870 for July 2020, down 11.75% from last July’s 2,119 listings and an increase compared to June 2020’s 1,798.
Overall sales dollars increased by 5%, as well as the average sale price for single-family homes in July rose by 6% to $636,745 compared to $598,972 in July 2019.

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“We are seeing an increase in sales likely influenced by consumers re-assessing their needs post-quarantine,” says SOREB President Lyndi Cruickshank, adding that “supply is yet to catch up to the demand as we work to support not only those looking to purchase but also people looking to safely place their homes on the market for sale.”


“With many people making lifestyle and work changes, living in the Okanagan has become an even more attractive draw for many looking at moving from other communities. Upsizing, multi-generational living and secondary homes are some of the key determinations for many people currently buying and selling. That, along with record low interest rates.”

The South Okanagan Real Estate Board is comprised of 295 REALTORS® member, 35 real estate offices in the southern interior of BC and 7 real estate offices in northern BC.

For the most comprehensive source of all real estate listings, home buying and selling information, visit our national website at: www.REALTOR.ca Our public website is available at: www.soreb.org.

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