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Market News - May 2020

A Market on Hold!

Even among all that has happened to try and dampen the spring market, prices are holding firm in the Central Okanagan with prices trending very slowly upward. The continued lack of inventory is keeping the demand for homes high and maintaining prices despite a reduced number of total sales. Most of the market from Buyers to Lenders are taking a wait and see approach as businesses slowly re-open.

Download May 2020 Newsletter PDF

+2.32%

AVERAGE PRICE
increase for sales in 2020 from this time last year.

61

DAYS TO SELL
0.5% (1 Day) faster than this time last year.

$670,000

MEDIAN PRICE
for a single family home in the Okanagan.

Let's Chat

Brody Mader
250-899-1455
brody@okanaganlifestylegroup.com


Kaity Hemminger
250-869-4454
kaity@okanaganlifestylegroup.com

Suite 108 - 1289 Ellis St, Kelowna, BC V1Y 9X6

Predicting the Future

While no one is sure about how long Covid-19 will continue to effect the landscape, what is certain is that the future will look very different than predicted a few short months ago. An interest in relocating from larger cities to the Okanagan seems to be building, as well as people looking for more yard space and room to breath, as self isolation puts the pace of big city living into perspective.

Not intended to solicit properties currently listed for sale or individuals currently under contract. Sotheby’s International Realty Canada is Independently Owned And Operated.