The losing streak is over for the Central Okanagan single-family home listing price. According to Association of Interior Realtors data released Friday, the listing price of a single-family home in the Central Okanagan rose 1.5 percent in October from $981,800 to $997,000. The price had fallen for five straight months after topping $1.13 million in April. The same recovery could not be said for townhouses and condominiums in the Central Okanagan. The benchmark townhome price fell for the third month in a row to $767,500, while the benchmark condominium fell below the $500,000 benchmark for the first time since November 2021, reaching $490,600. The benchmark price of a single-family home in the North Okanagan fell for the fifth month in a row in October, dropping nearly $100,000 during that period. It checked in at $721,500 in October after hitting a record high of $807,600 in May. There were 1,001 sales across the AIR region in October, representing a 7.6% drop from September. The region includes the Okanagan, Kamloops, Kootenay and South Peace River regions. “Unlike the last two years or so, where we’ve seen buyer and seller expectations drastically misalign, a shift from the frenzy earlier this year, coupled with the winter seasonal slowdown, is bringing some balance to the market amid growing of interest. interest rates,” AIR President Lyndi Cruickshank said in a press release. “The expectations of motivated buyers and sellers can be brought closer together, resulting in a much more positive home buying and selling experience.” The number of homes on the market has increased significantly since last winter, when a lack of options led to huge price increases. There were 67.5% more homes for sale in the AIR area this October than last October. “It’s nice to see active listings starting to back up again,” Cruickshank said. “However, we are not completely out of what is considered a seller’s market and in a balanced market.”
