October numbers dip from September, but still way up over 2019

Housing market still red hot

The region’s home sales last month were down from September, but they were still greater than October 2019 by a whopping 70%.

Okanagan Mainline Real Estate Board released its October numbers on Tuesday, and they indicated that the real estate market pace remains strong from Peachland to Revelstoke.

“Seasonally, we normally see the market start to calm down towards the colder winter months. However, that was not the case for October,” OMREB president Kim Heizmann said in a press release. “This seems to be a trend across the province, as demand for more living space continues to drive consumer incentives.

“The recent increase in COVID will likely facilitate a calming pace to more normal seasonal market conditions. However, real estate transactions can still proceed in a safe and responsible manner as Realtors have adapted to the new normal and have found ways to continue helping clients buy and sell homes while adhering to government guidelines and safety recommendations.”

Benchmark prices, which represent a dwelling with typical attributes to those traded in the area, were up in the single-family, townhouse and condo/apartment categories across both the Central and North Okanagan regions.

The benchmark price of a single-family home in Central Okanagan jumped 9.4% from September to $728,300, while the cost from last month went up 9.2% in North Okanagan to $525,300.

The time it took to sell those homes dropped significantly as well. Single family homes in Central Okanagan sold 13.5% faster, while those in North Okanagan needed just 62 days to come off the market. That represented a 26.5% decrease in days to sell.

New single-family and townhouse listings dropped substantially in Central and North Okanagan, but condo-apartment listings increased in both locations.

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