The South Okanagan real estate market continued to slip last month as sales and prices declined over last year.
Image Credit: SUBMITTED/B.C. Assessment
March 13, 2019 - 4:47 PM
PENTICTON - The South Okanagan housing market continues to slow down, as February numbers show a decline in the number of homes sold and their average price.
Figures from the South Okanagan Real Estate Board released this week show the 99 homes sold in February were 46 fewer than February 2018, when 145 homes sold in the South Okanagan.
The average sale price of a residential property also declined in February, from $410,154 a year ago to $399,742 last month.
The year to date average price of a home, considered to be more comprehensive, also dropped from $410,154 to $390,742, not great news for sellers.
“The slowdown in demand that began a year ago, along with a return to more normal levels of supply has put the market back into balanced territory,” South Okanagan Real Estate Board President Dori Lionello says of the February figures.
Active listings are up 44.2 per cent from February a year ago, at 1,038, but new residential listings slipped last month, from 241 to 219 listings.
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News from © iNFOnews, 2019