Photo: The Canadian Press
The benchmark price for a single family home in the Central Okanagan is fast approaching, and likely, $ 1 million.
The Association of Interior Realtors announced their July stats on Wednesday, and the benchmark single-family home price rose 2% from June to $ 933,600. 12 months ago, the price was $ 692,800.
This jump in prices contrasted with other numbers across the region, which either slowed their growth or fell from June onwards.
Total sales in the area, which spans Revelstoke to Eastgate Manning Park, decreased from 1,381 to 1,143, down 20% from last July.
“We live in a very popular region, so it is not surprising that the high buyer demand has remained constant until the summer months,” said AIR President Kim Heizmann in a press release. “Although sales are down on the previous month, this is likely due to a shortage of inventory coupled with the normal seasonality of the property market.”
The number of active listings in July was 5,792, a 47% decrease from July 2020. The number of single-family home listings in Central Okanagan rose from 453 in June to 485 in July.
“Compared to the demand that we are experiencing, there is a gap in the supply of active listings,” said Heizmann. “It will be interesting to see if this gap between supply and demand will narrow in the coming months.”
In Central Okanagan, the reference price for townhouses rose 0.8% to 642,600, while the value of condominiums and apartments fell as much as 1.4% to $ 452,900.
The benchmark price for a single family home in North Okanagan rose 0.9% to $ 666,700 in July, while the price of townhouses climbed 4.2% to $ 448,000.
