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Local Residential Real Estate Market Seeing High Demand Heading Into Fall

Wednesday, Oct 07, 2020

KELOWNA, B.C. – October 2nd, 2020. Residential sales for September saw a 12% uptick to 1,159 compared to

August’s 1,034 total units sold across the region of Revelstoke to Peachland. September residential sales also

surpassed last year’s sales by 78%, reports the Okanagan Mainline Real Estate Board (OMREB).

 

New residential listings saw some improvement over last month’s 1,237 totaling 1,269 new listings. The overall

number of active listings decreased 11% over August’s inventory of 3,658 and came in 22% lower than September

2019’s active listings.

 

“Unusual market activity seems to be the theme this year, although not surprising considering there is nothing normal about 2020,” says OMREB President Kim Heizmann, adding that “the pandemic has definitely made people look at things differently.”

 

“We are seeing higher demand likely due to post-quarantine lifestyle changes.” 

 

The average number of days to sell a home, always a good barometer to watch, barely nudged over August’s 89 days, coming in at 90 days.

 

It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators will vary depending on home type and sub-region.

 

Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.