Single-family home prices in Central and North Okanagan absolutely exploded in March.
According to figures released Tuesday by the Association of Interior Realtors, the benchmark price for a single-family dwelling in Central Okanagan was a whopping $829,400 last month. That was an increase of $53,100 from February. The benchmark price of a single-family home in the Central Okanagan 12 months ago was $667,700.
The price increase in the North Okanagan last month was just as astounding. The single-family benchmark jumped from $561,500 to $590,700 in February. Twelve months ago, the benchmark figure was $488,200. That represents a 23.4% increase.
“With economic recovery underway, low mortgage rates and the persistent pandemic effect of buyers looking for more space, it’s no surprise that local real estate is still seeing a boom,” AIR president Kim Heizmann said in a press release.
“While the pandemic has increased demand, it also created a huge shock to the supply side of things that will take a long time to get back to a healthy inventory level.”
The number of active listings in the region between Revelstoke and Peachland was down 46% in March from the same time last year.
The average sale price of a single-family home last month in the South Okanagan, which does not use benchmark pricing, was $803,944. That is a 41.8% increase from March 2020. The number of listings in the South Okanagan was down 52% in March from last year at this time.
Townhomes and condominiums also jumped in price last month.
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