Housing prices and sales fall in Central Okanagan - InfoNews

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Housing prices and sales fall in Central Okanagan

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July 05, 2019 - 10:00 AM

Housing sales across the central Okanagan fell by almost 15 per cent in the first six months of 2019 compared to the previous year.

The median price of a single-family residential property in the area from Peachland to Lake Country also fell from $666,050 in the first six months of 2018 to $645,000 by the end of June this year.

The figures released by the Okanagan Mainline Real Estate Board also show it took longer to sell a property, up from 52 days in 2018 to 71 this year, an increase of 37 per cent.

However, while properties sold in June 2018 took on average 42 days to sell, properties sold in June 2019 had been on the market for an average of 103 days, a 147 per cent increase.

The median price of single-family residential property in the North Okanagan, an area from Predator Ridge to Enderby, fell by two per cent from $475,000 in June 2018 to $464,900 in June 2019. There was also a 22 per cent increase in the time it took to sell a property in June 2019 compared with June 2018. It took 54 days compared to 44 last year.

However, the median price of a single-family residential property in the North Okanagan increased by 0.9 per cent in the first six months of 2019 to $475,250 from $471,000 in the same period last year. The days it took to sell a property was up from 62 to 66 days this year.

Sales and prices of apartments held relatively steady in the Central Okanagan with the price dropping from $337,000 in June 2018 to $331,000 in 2019 June. However, year to date prices showed the median price to have grown by 2.5 per cent in the first six months of 2019 at $339,000 compared $331,000 to the year previous.

Apartment sales fluctuated more rapidly in the North Okanagan with the median price in June 2019 at $150,625 down from $200,755 in June 2018. The year to date price did increase by 22 per cent from a median price in the first six months of 2018 at $177,250 to $215,500 in 2019.

In the first half of 2019 duplexes also went up in both the Central and North Okanagan markets. The median price for a duplex increased in the first half of 2019 by two per cent with prices in the Central Okanagan rising from $475,000 to $484,000.

The jump was larger in the North Okanagan with the median price of a duplex jumping from $405,500 in the first six months of 2018 to $510,000 in 2019 - a 26 per cent increase.

Those with mobile homes saw their property's increase by less than one per cent in the North Okanagan from $172,500 in 2018 to $174,000 in 2019. In the Central Okanagan, mobile home prices jumped nearly 11 per cent from $150,000 in 2018 to $168,000 in 2019.

The median price of waterfront property in the Central Okanagan dropped by almost nine per cent, and in the North Okanagan by 11 per cent. The median price of waterfront property in the Central Okanagan is currently $2,045,500 and in the North Okanagan $1,385,000.


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News from © InfoTel News Ltd, 2019
InfoTel News Ltd

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