While 2020 started out looking like it would be a somewhat normal year in the world of real estate here in the South Okanagan it wasn’t.
When the 1st round of Covid arrived in the Spring we had a slight pause that more or less delayed the Spring Market. As we moved into summer sales volume picked up and by the time we reached September we could see a trend of higher sales volumes with sales prices beginning to rise in comparison to the year prior. This trend continued until the end of the year and looks likely to continue into 2021.
The South Okanagan has always been attractive to an older demographic however there seems to be an upswing in interest from the pre-retirement group. Also younger people and families making the move here or securing property for their future. We also have those looking for business opportunities or to continue working in their current job by working remotely.
Top questions from buyers in 2020:
1. Is high speed internet available?
Growing trend with out of town purchasers:
1. Making an offer on a property without ever having stepped foot in it. Thanks to the technology of 3D video Tours, Zoom Meetings, Facetime and Skype I have worked with more clients in the past year that made an offer prior to seeing the property in person than I did in my first 10 years as a Realtor.
Jeffrey’s 2021 Prediction:
I expect to see a healthy real estate market as people continue to move to the South Okanagan from the lower mainland, other areas of BC and from out of province. I expect that prices will continue to rise if the supply of homes remains limited due to demand. There will be a need for more new home product in the market particularly in and around the smaller towns. Time will tell how things will really pan out with this pandemic.
The Most Recent Sales Statistics:
Looking at the general numbers for the South Okanagan Region as of December 2020 over last year at the same time. The price of homes is up, properties are selling faster and there are not as many homes available for sale.
Single Family Home Sales Volume: Increased by 78.7%
Single Family Home Sales Price: Increased by 36.5%
Number of Days on the market: Decreased by 35.6% (properties selling faster)
Inventory of homes available: Decreased by 34.1% (fewer homes to choose from)
Don’t hesitate to contact me if you have any questions, need assistance or would like the real estate market statistics for a specific area or housing type here in the South Okanagan.
Wishing you all the best for 2021!
*statistical data above provided by the Association of Interior Realtors
South Okanagan Home Team
Faith Wilson Realty Group