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.
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.