The benchmark price of a single-family home in the Central Okanagan is now within $22,000 of the $1 million mark.
The Association of Interior Realtors released its November statistics on Thursday, and they showed that the benchmark price of a single-family house was $978,500. That was up 1.8% from October and an increase of 6% since September.
The region was already dealing with an inventory shortage, and the fact November and December are typically slow is simply adding to the dearth of options.
“It is typical as we approach the holiday season to see residential sales slow down within the real estate market,” AIR president Kim Heizmann said.
“The lack of homes available for purchase is certainly adding to the slowdown.”
Only 1,063 residential sales were completed in November across the entire region, which includes the area between Revelstoke and Eastgate Manning Park, and South Peace River. That was down from 1,115 in October and was a decrease of 10% from last November.
The lack of inventory is why the prices keep shooting for the stars.
The benchmark price of a single-family home in the North Okanagan moved past $700,000 for the first time, checking in at $703,500 last month, while the benchmark townhouse price in the Central Okanagan is approaching the $700,000 mark.
There were 354 single-family listings in the Central Okanagan last month, which was down from 464 in October, and the number of available townhouses fell 21%, from 136 to 108.
It was the same situation in the North Okanagan, where the number of single-family homes on the market fell from 180 in October to 126 in November.
“As we have seen, there has been a persistent drought of inventory in the market all year, as new listings are just not coming onto market quick enough to meet demand,” Heizmann said.