Single-family benchmark price in Central Okanagan near $1 million

Photo: Contributed

The benchmark price for a single-family home in the Central Okanagan has had its biggest percentage increase in four months.

The price, which represents a dwelling with typical attributes to those traded in the area, jumped 3% to $961,800 last month, according to statistics the Association of Interior Realtors released Friday. The benchmark price just 12 months ago was $692,800.

AIR said the region remains a seller’s market because of chronically low inventory, although the number of available single-family homes in the Central Okanagan actually increased from 485 to 501 in August.

“The market has slowed down slightly due to a chronic lack of inventory, but it’s by no means slow,” AIR president Kim Heizmann said. “Listings are at record lows and not replenishing to meet the high demand.

“This chronic shortage of supply is putting upward pressure on pricing and making it a strong seller’s market.”

There were approximately 3,000 active listings in August across the AIR area, which includes the Okanagan, Eastgate Manning Park, Revelstoke, Shuswap and South Peace River region. That was down 46% from the 5,556 that were active last August.

The benchmark price of a condominium in the Central Okanagan jumped 4.5% in August to $473,100, while the townhouse mark increased just 0.3% to $644,800.

It was a similar story for single-family homes in the North Okanagan, where the benchmark increased 2.4% to $682,700. On the other side of the coin, the townhouse price actually dropped 0.9% to $444,100.

Photo: Contributed