Central Okanagan real estate sales lag well below ten-year average
Real estate sales in the Central Okanagan picked up last month compared to July 2024, but still lag way behind the 10-year average.
According to figures released by the Rennie Advance real estate analysis report, overall sales in the Central Okanagan increased by 6% over sales in the same month one year ago, but are 21% below the decade average.
The price of a single-family home in the Central Okanagan remained relatively unchanged, with the Rennie Advance reporting a median price of $936,000 and the Association of Interior Realtors putting the benchmark price, which is calculated slightly differently, at $1,045,000.
The Association of Interior Realtors says there were 10% more sales across the entire Southern Interior than in July 2024.
For the first time this year, housing inventory in the Central Okanagan declined month over month, but is still significantly higher than the 10-year average, with 43% more properties on the market in July than normal.
While there were slightly fewer single-family and townhomes on the market than July 2024, inventory for condos increased by 24%. Compared with the 10-year average there are 66% more condos on the market in the Central Okanagan, 39% more townhomes, and 34% more single-family homes.
In the North and South Okanagan sales increased by 1% and 2% respectively compared to July 2024 with prices holding steady.
The association of realtors puts the benchmark price for a single-family home in the North Okanagan at $770,500 and in the South Okanagan $754,5000.
The benchmark price of a townhome in the North Okanagan is $563,000 and in the South Okanagan $512,000 – on par with prices 12 months ago.
While there were considerably more condos on the market compared with last year, prices in the Central Okanagan actually increased 2%, with the benchmark price of a condo going for $505,000.
The benchmark price of a condo in the North Okanagan is $321,000 and in the South Okanagan it's $432,000, with prices in both markets remaining largely unchanged.
In Kamloops, sales of single-family homes increased 14% with prices up 2% to $673,000.
The price of a townhome in Kamloops increased by 1% while sales fell 20%. The benchmark price for a Kamloops townhome is now $533,000
Sales of condos in Kamloops almost doubled from July 2024, with 34 units being sold. Condo inventory climbed 34%, and prices dropped by 6% to $363,000.
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