Home prices hit 'plateau'

The trend in South Okanagan real estate in July was in line with the year-to-date – fewer sales than last year, and substantially higher prices than a year ago.

But prices appear to have levelled off in Penticton. 

According to data from the South Okanagan Real Estate Board, a single-family home in the Peach City was selling for $580,000 at the end of July — down slightly from the average sale price of $581,500 at the end of June.

"I'd say we've probably hit a bit of a plateau for the Penticton area," SOREB president Dori Lionello said. 

The number of sales are down 15 per cent in the South Okanagan so far this year, which Lionello said indicates "we're starting to stabilize in a potentially shifting market."

While the real estate spectrum isn't favouring sellers as heavily as it has in recent years, she added it's not yet a balanced market yet for sellers and buyers.

"I found myself in multiple offers just last week, and I've taken six listings in the last two weeks, almost all of them have offers on them," she said.

"We're still a fairly strong sellers market, I think there's just a bit of pressure on the prices... We're still seeing actually record-high prices, but they're just not continually increasing drastically like we've seen in the past couple years."

While government measures have slowed the white-hot pace of sales, the number of listings in the region is about equal to the same timeframe last year. Lionello said they're seeing "strong strides" in new developments that have come online.

The average single-family home in the entire South Okanagan is selling for just over $519,000 this year, compared to $480,000 at this point in 2017.

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