Photo: Contributed
The median price of a single-family home in the Central Okanagan dipped nearly $30,000 from last month, but real estate officials believe there are signs the market is on the upswing.
Okanagan Mainline Real Estate Board released its August figures on Thursday. While the number of sales fell from July over the whole region, which is the area between Peachland and Revelstoke, the figure was up from this time last year for the second consecutive month. There were 725 sales across the entire region last month compared to 810 in July.
“While the number of sales across the region may have dipped compared to July, this is the second consecutive month that sales have had an upswing compared to this time last year,” OMREB president Michael Loewen said in a press release. “This is a promising sign that market recovery could be on the horizon.”
The median price for a single-family dwelling in the Central Okanagan last month was $656,500, which was down from $686,000 in July. It was up, however, from August 2018, when the median price was $640,500.
The supply of homes for sale over the entire region remained steady for this time of year, with only a moderate decline of less than two per cent from July’s 4,527. However, it was up almost 4.5 per cent compared to a year ago.
“Characteristic for the time of year is a general slowdown of new listings which, not surprisingly, creates a slight upward pressure on prices,” Loewen said, noting that the local market continues to attract buyers. “It will be interesting to see if this momentum sustains for the rest of the year.”
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