January real estate numbers look encouraging

Real estate back to 'healthy'

Chelsea Powrie

The South Okanagan Real Estate Board is happy with their recently released numbers for January 2020. 

Board president Lyndi Cruickshank said the trends show a possible return to a "healthy normal" for the market. 

"We had a strong end to 2019 that has led into a really positive start to 2020," Cruickshank said. 

Total MLS sales in the South Okanagan increased by 33 per cent: 118 units sold in January 2020 compared to 79 total units sold during the same month in 2019.

Total active listings numbered 1,537 for January 2020, a decrease of three per cent from last January’s 1,577 active listings. That decrease is fuelling turnover, Cruickshank said. 

"We have some pressure on inventory demand," she said. "Our days on market are down. So things are selling faster."

Cruickshank said 2018 and 2019 were softer years, but early 2020 numbers indicate growth. 

Total sales dollar volume for the board increased by 30 per cent at month?end to $47,777,777 in January 2020 compared to $33,044,007 in January 2019.

She expects a further bump as spring approaches. 

"I would encourage people that are looking at selling to get working with their realtors and get ready to get their homes listed."

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