Benchmark Home Prices Drop on Centra and North Okanagan as Inventories Rise

The Okanagan’s real estate market cooled somewhat during July, with benchmark prices down across the board.

The number of sales across the entire Association of Interior Realtors region was down last month as well, according to the organization’s monthly report released Friday.

“Seasonally, it is characteristic to see sales activity cool during the hot summer months, which given the slight dip from activity in June, isn’t surprising,” AIR president Chelsea Mann said in a press release. “It is promising to see some typical market activity despite high interest rate hikes creating a challenging climate for buyers and sellers.”

The benchmark prices for single-family homes, townhouses and condominiums all dropped in the Central and North Okanagan regions. The single-family mark in the Central Okanagan was down just $100, however, checking in at $1,063,700 last month. The townhouse price fell 2.2% to $768,500, while the condo mark dropped 3.4% to $514,900 when compared to the prior month.The inventories increased in all three categories last month.

The benchmark price for a single-family home in the North Okanagan dipped from $785,800 to $778,300, and the townhouse figure fell just $2,100 to $598,300.

There were 1,337 residential sales across the AIR region in July, which was down from the 1,656 that were sold in June.

“While inventory is gaining momentum, low supply is still an issue and a primary factor driving price growth,” Mann said. “With consumers feeling pinched by high mortgage rates, some buyers have gravitated towards eyeing other geographical regions with more affordable options.”

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practised Realtor®.  Contact me to find out more about the real estate market and how I can help you achieve your real estate goals.

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