November 2020 was another busy month for real estate in the North Okanagan. Both single family home sales volume and home prices were higher than in November 2019. In terms of houses for sale, both inventory and days-on-market were down year-over-year.
The Okanagan Mainline Real Estate Board (OMREB) reports residential real estate sales for the North Okanagan region, which runs from Enderby south to Vernon. A total of 97 single family homes were sold in the region during November 2020, a 67% increase compared to last November. The inventory of single family homes on the market was 227, down almost 40% since Nov. 2019. Average days-to-sell was 77 days, a 16% decline since last year.
“Looking at the numbers we can see that consumer demand is not being met due to record low listings, whichOMREB President Kim Heizmann, Local Residential Real Estate Market Demand Showing No Sign of Cooling
creates upward pressure on pricing. Essentially, the demand is so high that it is difficult for inventory to
KELOWNA, B.C., December 2nd, 2020.
OMREB’s monthly statistics for the North Okanagan during November 2020 are posted here: https://www.omreb.com/files/11-NO%20Statistics-Nov2020.pdf