Single-family house prices in Kamloops, Okanagan up again
While real estate prices are down from their peaks in 2022, consumers paid more for houses in July compared to June in Kamloops and the Okanagan.
That pattern was quite different in the condo and townhouse markets.
Kelowna continues to have the highest prices in the region with single-family house prices rising by more than $19,000 to reach an average of $1,103,313 in July, according to data released today, Aug. 4, by the Association of Interior Realtors.
Average prices jumped by almost $156,000 in the South Okanagan to $971,063 and by more than $89,000 in the North Okanagan to $882,335.
The change was not as dramatic in Kamloops where the benchmark, or typical, house price went up by more than $21,000 to $672,900.
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Average condo prices increased by more than $10,000 in Kelowna to $502,793 but fell in all the other markets, most notably in the South Okanagan where the average price was down by $74,500.
Kamloops saw a drop of only $1,700 to a benchmark price of $402,600 for condos.
For townhouses, prices fell in the Central Okanagan and only slightly in the North Okanagan but rose in the South Okanagan and Kamloops.
While there was a drop in the number of homes sold in July versus June, that’s typical of the summer.
“Seasonally, it is characteristic to see sales activity cool during the hot summer months, which given the slight dip from activity in June, isn’t surprising,” association president Chelsea Mann said in the news release. “It is promising to see some typical market activity despite high interest rate hikes creating a challenging climate for buyers and sellers.”
The number of active listings is up 12.7% from July 2022 for the association’s entire region, which includes the Shuswap, Kootenays and South Peace areas.
That increase was led by the South Okanagan with a 36.8% increase in active listings compared to July 2022.
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