Market Moving To Balance

By Corey Fischer

Oct 2, 2018 | 1:37 PM

Real estate in the Okanagan continues to move from a seller’s market, to one that supports buyers and sellers equally.

Residential sales activity across the region saw another drop in September, but the average price rose 5 percent from August to 534-thousand dollars.

Real Estate Board president Marv Beer says houses are taking longer to sell, and its likely just a matter of time before prices start to decrease.

The number of homes listed is up 29% over a year ago.

“More supply means buyers have more choice and, as a result, tend to become more discerning. This can ultimately can affect price, however real estate markets are never quite that simple, as other factors are also at play,” says Beer.

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The average house price in the North Okanagan is $510, 304, up 8% from a year ago, with average time to sell a house at 62 days.

There have been 1,634 units sold in the North Okanagan this year, down 19% from a year ago.

The Central Okanagan has seen 4,085 sales this year, down 21% from the figures to the end of September 2017.

The Central’s average house price is $721,274, a rise of 6% from this time last year.

by Corey Fischer

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