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October 2020 Market Update

Blog by Dave Collins | October 7th, 2020

September was one of the strongest months on record for home sales in the Central Okanagan area. For single family homes, 356 homes sold. That is an 84% increase over September of last year and follows on the heels of August which was also a very strong month. The median price climbed from the $670,000 range before June, but then climbed each month to now reflect $740,000 in September. Inventory of homes for sale is down 28% from last September.
For condominiums, 170 condos sold, an increase of 93% versus September last year. The market absorbed a lot of inventory bringing condominiums back into balance. September did show some median price appreciation - the first month this year that has happened.
For townhomes, 122 units sold, an increase of 79% vs. September last year. Inventory dropped 10% lower than last year same time. Median price $525,000 up from the highs 400’s this past spring.
For lots, sales were brisk! 50 lots sold for an increase of 163%, reflecting low inventory of resale homes and a willingness from buyers to buy new construction. Inventory dropped 27% versus this time last year, and the median price matched last years high of $340,000.
Overall interest rates remain low. The market is on track to exceed sales numbers from 2019, and come close to matching or exceeding 2018. There are still lots of buyers looking and low inventory, prompting price appreciation. Buyers are coming here from Ontario, Alberta, and especially the lower mainland. There is a trend of people leaving the city for a quieter less crowded place to live, making the Okanagan very desirable for buyers.
To receive a list of homes for sale, contact Dave for auto email access to mls. Or search the local mls right here on this site.