The true property market in Kelowna stays wholesome information

Home sales in the greater Kelowna area rose 85% last month from October 2019, according to newly released statistics.

According to the Okanagan Mainline Real Estate Board, January through October sales were up 19 percent over the same period last year.

The median sales price of a single family home in central Okanagan so far this year has been $ 790,000, compared to $ 700,000 this time last year, an increase of 13 percent.

Including all types of residential properties such as townhouses and condos, the average sales price in 2020 was $ 646,000, compared to $ 563,000 a year ago, an increase of 15 percent.

“Seasonally, the market usually begins to calm down in the colder months, but this was not the case in October,” said OMREB President Kim Heizmann in a press release on Wednesday.

“This seems to be a trend across the province as the demand for more housing continues to drive consumer incentives,” Heizmann said.

From Peachland to Revelstoke, a home sold in October was listed for an average of 83 days, compared with 90 days for homes sold in September.

Here are some details about the greater Kelowna housing market, which includes Kelowna, West Kelowna, Lake Country, and Peachland:

– The total number of home sales last month was 708 compared to 382 last October (up 85%).

Total residential property sales so far this year are 4,673 units, compared to 3,927 units at this point in 2019, an increase of 19 percent

The average waterfront home in the Greater Kelowna area sold for $ 2.2 million this year, compared to $ 2 million at this point last year.

– This year, $ 3 billion worth of real estate changed hands in the greater Kelowna area, compared to $ 2.2 billion at this point in 2019.