For the first time in 13 months, the benchmark price of a single-family home in the Central Okanagan has dropped.
It didn’t just drop, though. It plummeted.
According to statistics released Tuesday by the Association of Interior Realtors, the single-family benchmark price in September was $923,500. That represented a 4% drop from the record-high $961,800 mark it hit in August. The price had increased 2% and 3% in July and August, respectively.
AIR president Kim Heizmann said the region’s real estate market is starting to show signs of normalcy.
“There has been a lot of talk about high demand, and while we are still seeing a strong demand, it actually is within a healthy range,” Heizmann said in a press release. “The amount of supply is just so low, creating an imbalance that makes demand seem overwhelming.”
The number of single-family homes available in the Central Okanagan actually decreased from August to September.
“Usually, we do see an influx of new listings in the fall once children go back to school and families want to move before the Christmas holiday, and we are starting to see that with new listings coming on the market,” Heizmann said. “So seasonally the real estate market is showing signs of pre-pandemic normalcy.”
The benchmark price of a single-family home in the North Okanagan increased once again in September, jumping 0.7% to $687,400.
Benchmark prices of Central Okanagan townhomes and condominiums both increased last month.