Average price rises for real estate

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The average residential price was $704, 569 (down 1.02%).

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The average residential price for the entire Okanagan Mainline region rose 13 per cent over October’s average price, coming in at $586,159 and surpassed last year November’s average by 12 per cent.

A closer look shows single-family and townhome average prices both up nine per cent from last month, whereas the average for condominiums jumped 25 per cent, coming in at $388,365.

“The upturn in average prices could very well be due to an increase of high-end sales within the region,” said OMREB President Michael Loewen, adding that “even a few higher-than-usual priced sales can skew the data from month to month and paint an inaccurate picture.

Loewen says more accuracy is why they are introducing the MLS® Home Price Index (HPI) tool as a better way to gauge home price levels and trends.

“Average or median prices can be highly variable based on the type or characteristics of properties sold in a given month. In contrast, the HPI determines prices based on the typical property in an area or neighbourhood. This eliminates potential skewing of price trends due to sales of outlier properties,” said Loewen.

The overall number of active listings dropped over last month’s inventory of 3,650 coming in at 3,205; down 5% from this time last year.