“The economy has taken a big shock to the system due to the pandemic and, no surprise, so has the real estate market,” says Okanagan Mainline Real Estate Board President Kim Heizmann.
Residential sales in the Okanagan were down 58 percent from this time last year. April sales totalled 299 across the region of Revelstoke to Peachland, down from March’s 551 sales. New residential listings reclined as well.
“We will see a change in the coming weeks and months once businesses reopen and consumers who temporarily pushed pause on their buying or selling activities due to the virus, will resume their real estate plans,” says Heizmann.
Expect a three-month window for home sales. The average number of days to sell a home dropped down six percent to 83 days.
Despite the drop in sales, prices remain strong. In the Central Okanagan, the benchmark price for a single-family home rose three percent from last year to $678,300. Condo prices raised relatively flat at $386,200.