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Penticton  

Real estate market rebounds

Chelsea Powrie

The South Okanagan real estate market continued its rebound in August, according to new stats from the SOuth Okanagan Real Estate Board.

In the first eight months of 2019, a total of 1,232 were sold — down 18 per cent from the same time last year. Things have, however, picked up through the last half of summer with last month beating August 2018. 

The average price of a home sold in August 2019 throughout the South Okanagan was $407,467, up 1.4 per cent from August 2018.

 

"The numbers are actually not surprising, we've seen relatively the same actions compared to 2018," said Penticton realtor Sergej Sinicin. 

He said Summerland, Naramata and Penticton sales year over year all saw a boost, but it was a different story further south in the Kaleden and Okanagan Falls areas.

"The average sale price dropped by $130,000 in that neighbourhood south of Penticton, so that's really the only area that took a bit of a hit in 2019 [August]," Sinicin said. 

Residential listings have increased since August of last year, with a South Okanagan Real Estate Board report indicating 1,447 residential active listings at the end of August 2019, an increase of 15.7 per cent over the same time last year. 

That's a four-year-high, but still well below the 2008-2015 period. 

Sales of all property types numbered 180 units in August 2019, up 2.8 per cent (five sales) from August 2018. The total value of all South Okanagan properties sold last month was $77 million, up slightly over 2018's $76M.

Sinicin said in his opinion, the fall will be a good time for sellers to get on the market. 

"Don't wait 'til Christmas or New Years to start listing your home, because you ultimately can get more money," Sinicin said. 

Year to date, the region is still lagging behind last year significantly. $616M worth of real estate has changed hands in the South Okanagan so far this year, well short of $779M during the same time in 2018.



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