House for sale. (THE CANADIAN PRESS/Evan Buhler)

House for sale. (THE CANADIAN PRESS/Evan Buhler)

Four straight months of falling house prices in Central Okanagan

The benchmark price for a single-family home is still above $1M

Despite four months of declines, the benchmark price of a home in the Central Okanagan remains above $1 million.

Association of Interior Relators puts the price in August at $1,017,500, a more than $100,000 drop since April. Sales for August show signs of returning to stronger market activity, according to the Association.

A total of 1,205 residential sales were recorded across the Interior last month, an increase from 1,196 recorded in July, but 32.6 percent below the number of units sold during the frenzied market of August 2021.

“After the unpredictable hot market through the majority of last year, it is nice to see some typical seasonal consumer behaviour returning as we head into this Fall,” said Linda Cruickshank, Association president.

New listings (2,152) saw a 4.2 per cent decrease within the region compared to August 2021. The overall inventory saw an increase of 61 per cent with 7,876 units currently on market compared to the same time last year.

“The market seems to have started turning the corner with respect to overall inventory levels,” added Cruickshank. “With an increase of properties available, this could bode well for sellers and buyers who have been sidelined for much of the year.

The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and

Shuswap/Revelstoke saw increases in year-over-year comparisons across all home categories.

Association of Interior Realtors real estate summary for August, 2022. (Photo/Association of Interior Realtors)

Association of Interior Realtors real estate summary for August, 2022. (Photo/Association of Interior Realtors)

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@GaryBarnes109
gary.barnes@kelownacapnews.com

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