South Okanagan home sales climb again in September

The number of homes sold through the MLS® System of the South Okanagan Real Estate Board totaled 170 units in September 2019. This was a large 42.9% increase from September 2018.

On a year-to-date basis, home sales totalled 1,406 units over the first nine months of the year, a decrease of 10.7% from the same period in 2018.

“Home sales continued to strengthen in September, coming in well above that same month last year,” said Dori Lionello, President of the South Okanagan Real Estate Board. “Meanwhile, with supply and demand in the market still well balanced, prices are on track for a gain about in line with overall consumer price inflation this year.”

The average price of homes sold in September 2019 was $446,178, rising 23.1% from an aberrantly low September reading in 2018.

The more comprehensive year-to-date average price was $425,605, up 1.8% from the first nine months of 2018.

The dollar value of all home sales in September 2019 was $75.9 million, a 75.9% surge from the same month in 2018.

There were 348 new residential listings in September 2019, an increase of 14.1% on a year-over-year basis. This was the largest number of new listings added in the month of September in more than two decades.

Active residential listings numbered 1,448 units at the end of September, up 9.3% from the end of September 2018 and fairly average for this time of the year.

Months of inventory numbered 8.5 at the end of September 2019, down from the 11.1 months recorded at the end of September 2018 and a little below the long-run average of 9.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Sales of all property types numbered 198 units in September 2019, jumping 37.5% from September 2018. The total value of all properties sold was $89.5 million, a large 43% increase from September 2018.

Home sales in the Northern Region numbered 30 units in September 2019. This was down 9.1% (three sales) from September 2018. The average price of homes sold in the Northern Region for September 2019 was $255,798, up 4.4% from September 2018.

BOARD & ASSOCIATION INFORMATION

The South Okanagan Real Estate Board area services the communities of Summerland, Naramata, Penticton, Kaleden, Okanagan Falls, Oliver, Osoyoos, Rock Creek, Keremeos, Princeton; and in the Peace River area: Chetwynd, Dawson Creek and Tumbler Ridge. The South Okanagan Real Estate Board is dedicated to pursuing excellence through our commitment to high ethical standards, quality education and professionalism in real estate. We serve our membership and the interests of the public throughout our communities by enhancing the value of REALTORS® through organized real estate.


For more information,
please contact:

Dawn Lysholt
Executive Officer
Tel (250) 492-0626
soreb@shaw.ca