Home sale prices plunge
Okanagan Edge Staff - Nov 02 - Biz Releases

Photo: The Canadian Press

The median price of a single-family dwelling in the Central Okanagan continued its wild roller-coaster ride in October.

The figure has been rising and falling violently over the last four months, hitting a 2018 high of $695,000 in July, plunging to $640,500 in August and then climbing once again to $677,500 in September.

The median price took another dive in October, however, dropping down to a 2018 low mark of $633,000 in numbers released on Friday by Okanagan Mainline Real Estate Board.

The year-to-date median price remains up over 2017, with a mark of $663,000 through October compared to $625,000 at the same time last year.

Townhouses and apartments, meanwhile, experienced median price increases from September. The townhouse price went from $492,000 in September to $512,000 in October, while apartments increased from $325,000 to $333,500.

Over the entire OMREB region, which stretches from Peachland to Revelstoke, the number of listings increased from September but was still fewer than last October.

“Interestingly, more homes sold in less time than September, but average price was five per cent less than September and four per cent less than this time last year,” OMREB president Marv Beer said in a press release.

Beer cautioned not to put too much stock in the price drop, as the mix of properties sold in the month may have been a factor.

“Growing housing supply is a strong indicator of continued movement towards a balanced market where sellers and buyers are favoured more equally,” Beer said.

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