Month-over-month drop in real estate prices in Okanagan and Kamloops
While the latest home sales reports from the Association of Interior Realtors stress the number of units sold has dropped from last year, the organization also says prices show double-digit percentage increases over last year.
While that is true, what the realtors don’t say in a recent media release is that prices in most housing categories actually dropped in Kamloops and the Okanagan.
In some cases, the drop was more than $100,000.
The biggest decline was in Kamloops townhomes which sold for an average of $526,380 in May. That’s down $119,306 from the average townhome sale price in April.
Similarly, the average selling price of a single-family home in the Central Okanagan was $1,139,134 in May. That was $103,626 below the average single-family house selling price in April.
Other declines in other regions were not as drastic but in seven out of 12 comparisons in the Thompson and Okanagan regions there were price drops.
Condos dropped in price by $29,923 in the Central Okanagan from April to May, $21,689 in Kamloops and $16,377 in the North Okanagan.
Townhomes were also down in price in Central Okanagan but only by $6,446. That still means all three housing categories in the region fell in price last month.
Single-family homes fell by $25,860 in the South Okanagan, the only category to decline in that region.
On the plus side, townhomes were up by $52,561 and condos increased in value by $13,864 in the South Okanagan.
The only increase in prices in Kamloops was a $26,784 jump in the average single-family home. That brought it to $820,990, which is lower than the other three regions. The average North Okanagan single-family home was $873,339 while the South Okanagan came in at $827,024.
The Association of Interior Realtors also covers the South Peace and Kootenay regions.
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