KELOWNA, B.C. – November 3rd, 2020. Residential sales for October across the region of Revelstoke to Peachland greatly exceeded October 2019’s sales by 70%, however came in shy of September’s 1,159 sales showing a decrease of 8%, reports the Okanagan Mainline Real Estate Board (OMREB).
New residential listings decreased from 1,269 last month to 1,057 new listings. The overall number of active listingsalso lagged behind September’s inventory of 3,251 coming in 14% lower for October and 24% lower than October 2019’s active listings.
“Seasonally, we normally see the market start to calm down towards the colder winter months, however that was not the case for October,” says OMREB President Kim Heizmann, adding that “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.”
The average number of days to sell a home, always a good barometer to watch, dropped 9% from September’s 90 days to 83 days for October.
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 in a safe and socially-distant manner.
OMREB is a member-governed not-for-profit association representing approximately 1300 REALTORS® and 88 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.
OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.
For more information, please contact:Board-wide statistical information: Email email@example.com
For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
Province-wide statistical information:BCREA Chief Economist, Brendon Ogmundson, firstname.lastname@example.org
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