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Coronavirus: Real estate sales plunge dramatically in South Okanagan

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Coronavirus: Real estate sales plunge dramatically in South Okanagan
Coronavirus: Real estate sales plunge dramatically in South Okanagan – May 11, 2020

The novel coronavirus pandemic prompted many would-be buyers and sellers to put their real-estate plans on hold last month in the South Okanagan.

New numbers from the South Okanagan Real Estate Board reveal that MLS sales plummeted 60 per cent to 239 units sold in April, compared to 596 units sold during the same time in 2019.

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Twenty-nine single-family homes sold in April, a 71 per cent decrease from April 2019.

Only six condos were purchased in the South Okanagan in April, a whopping 82 per cent decline over the same time last year, though 19 townhouses sold, which is an increase of 6 per cent.

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Coronavirus: Real estate sales plunge dramatically in South Okanagan - image
Courtesy: South Okanagan Real Estate Board

“Usually competition amongst buyers and sellers is heating up at this time of year,” said Lyndi Cruickshank, president of the real estate board.

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“As expected, we are not seeing that this year due to coronavirus, and many consumers putting their real estate plans on hold.”

As for prices of residential real estate, property is not getting less expensive, yet.

The average price of a single-family home in the South Okanagan is $643,600, up 26 per cent over the same month last year.

Condos are going for $304,667 on average, an increase of 6 per cent over April 2019, while the average price of a townhome remains fairly steady at $372,068, a drop of three per cent.

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“As the economy re-opens and those consumers resume their selling or purchasing plans, this will pick up again. With little to no market competition, now might be the perfect time to buy or sell a home,” Cruickshank said.

Total active listings totaled 1,795 for April 2020, a decrease of 6.7 per cent from last April’s 1,916 listings.

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