Single-family homes in the Central Okanagan enjoyed its usual benchmark price boost in March and ended up over the $1 million mark for the 12th time in the last 16 months.
The price increased 3.1% from February to March and ended up at $1,001,500, according to Association of Interior Realtors statistics released Thursday. That followed three consecutive months of price decreases. The single-family benchmark price jumped in the North Okanagan as well, increasing 2.7% to $728,000.
The Central Okanagan single-family benchmark price usually moves up in March. It jumped 3.2% in 2022, 6.8% in 2021 and 1.1% in 2020, which was at the start of the COVID-19 pandemic. There were nearly 400 more sales in the AIR region in March compared to February.
“The upwards movement in sales activity compared to the previous month is showing signs that market activity is on its way to recovering from the previous month’s slump, while still maintaining healthy market activity,” AIR president Lyndi Cruickshank said in a press release. “A more balanced market allows both parties to confidently move forward with their real estate aspirations.”
Oddly, the benchmark prices for townhomes and condominiums dropped in both the Central and North Okanagan. The Central Okanagan townhouse price fell 5.3% to $703,200, while the North Okanagan townhouse mark dropped 2.3% to $578,200.
The number of new listings over the entire region increased from 1,579 in February to 2,442 in March. There were 5,903 homes on the market at the end of March.
“This is the highest volume of new listings we’ve had for some time now, indicating that we are heading in a positive direction,” Cruickshank said. “While we’re not out of the woods yet. This will help provide more options to buyers and sellers.”
https://news.google.com/rss/articles/CBMidGh0dHBzOi8vd3d3LmNhc3RhbmV0Lm5ldC9uZXdzL0tlbG93bmEvNDIwMTExL1NpbmdsZS1mYW1pbHktYmVuY2htYXJrLXRvcHMtMS1taWxsaW9uLW9uY2UtYWdhaW4tYXMtbmV3LWxpc3RpbmdzLWNsaW1i0gEA?oc=5
2023-04-06 22:47:00Z
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