Real estate sees annual colder-season slowdown

Nov 7, 2019 | 3:43 PM

Homes are continuing to hold their value in the North Okanagan.

The valley’s real estate board says the average selling price for residential properties last month was $524,000, up almost three per cent from a year ago.

Homes are taking, on average, 69 days to sell.

The board says 177 units worth more than $82 million sold in October, down four per cent in total units from October 2018.

“With the holiday season approaching it’s not unusual for consumers to have other financial priorities on their mind, perhaps putting home purchases on the backburner until the new year,” Okanagan Mainline Real Estate Board President Michael Loewen said. “Typically, we see less market activity as we head into the colder months as those that are not in a rush to move prefer to do so when weather conditions are more agreeable.”

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October’s average price in the region of $516,940 was down six per cent from September’s average price, but is five per cent higher than this time last year.

Single-family properties and townhomes’ average pricing were tracking five per cent higher than October 2018. The condominium category saw the largest shift in average pricing coming in 14 per cent less than September’s average price, and down five per cent from this time last year.

“It is too early to say whether this shift in the condo category is an anomaly or the beginning of a trend or merely just a case of construction of more compact and affordable units having caught-up to consumer demand creating competitive market conditions,” Loewen said.

by Vernon Matters Staff

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