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Winning or losing in Okanagan real estate depends on where you live

Image Credit: PEXELS

Depending on where you live in the Okanagan, you either gained or lost in terms of the value of your house by not selling it in November.

The average sale price of a single-family house in the Central Okanagan went up by almost $32,000 between October and November to $1,063,419, according to data released by the Association of Interior Realtors yesterday, Dec. 2.

The average sale price in the South Okanagan fell by $54,700 to $719,835 in the same time period.

The average selling price for a single-family home in the North Okanagan dropped by $33,398 to $708,338 while the average in the Shuswap-Revelstoke region dropped by $1,596 to $719,933.

It’s not all bad news for those living outside the Central Okanagan.

READ MORE: Second $10-million-plus house sold in Kelowna this year

The Association likes to focus on benchmark, or typical housing prices in its monthly news releases.

That data shows that the benchmark price for single-family houses in the northern regions went up by 31% to 34% in November compared to a year ago. That benchmark price jumped by 41% in the South Okanagan over the past year.

The value of condos went up 28 to 30 per cent in each of the northern regions but by only 20% in the South Okanagan, year over year.

The number of sales in the Association’s entire region, which includes the South Peace, dropped by 10% from the year before to 1,063 sales, which is also a decrease from October.

READ MORE: Okanagan luxury homes attract high-end realtor Christie’s

“It is typical, as we approach the holiday season, to see residential sales slow down within the real estate market,” Association president Kim Heizmann said in a news release. “The lack of homes available for purchase is certainly adding to the slowdown.”

The number of active listings was down 39% in November versus last year.

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