Real estate prices down in most of Okanagan, up in Kamloops
Prices for single-family homes in the Central and North Okanagan fell last month while the benchmark prices were up in the South Okanagan and Kamloops.
The Association of Interior Realtors released its May numbers today, June 5.
In Kelowna and the Central Okanagan region, the benchmark price for a single-family home last month was $1,015,700, up 3.8% compared to the same month in 2023.
The price of a single-family home in Vernon and the North Okanagan was down 1.9% to $765,400. In the South Okanagan, prices were up slightly, 0.1%, to $783,500.
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Kamloops and region saw the price for a single-family home increase 2.9% to $651,400.
The Interior Realtors Association said 1,512 homes were sold throughout the region last month, 1,282 more homes than in April. But sales year-over-year are down 10.7%.
“It's not surprising that this year's May activity is lower than last year’s, considering the market was fairly heated a year ago,” association president Kaytee Sharun said in the release. “This is a pretty typical level of market activity that one would expect to see in the spring months.”
The association points to a return of consumer confidence in the real estate market with the gap between the expectations of buyers and sellers narrowing.
There was a 15.8% increase in residential listings last month compared to May 2023.
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“With a healthy dose of inventory, we are seeing more balanced market conditions after years of the pendulum mostly swinging in the direction of a sellers’ market,” Sharun said.
Townhouse and condo prices fell in the Central and North Okanagan year-over-year, while the South Okanagan saw modest increases, while in the Kamloops region increases were recorded for townhomes but condos say a decrease.
“Inventory has been slow to accrue but is now above pre-pandemic levels, which is great to see given market activity has also picked up. This will provide potential buyers with more options ahead of the busy summer market.”
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