House prices rising but sales falling in the North Okanagan

The Association of Interior Realtors is reporting increased costs for homes on the market but decreases in sales.

The monthly report found there were 124 units sold in the North Okanagan in October for a total of $83.2-million. Those sales included acreages, duplexes, mobile homes, recreational spaces, single-family homes, three- and four-plexes, apartments, and townhouses.

The number of overall sales was down 34.7 per cent from the October 2021 figures, while the dollar volume was down 29.5 per cent annually.

There was a 45.1 per cent annual increase in active listings in October, with 631 units on the market. However, only 213 of those were new listings, which was down 6.6 per cent from the same month the previous year.

The Association (AIR) noted the sales this past October included 59 single-family homes, 15 townhouses, and 12 condos or apartments.

The benchmark prices for single-family homes sold in October was $721,500. That was up one percent from the figure observed in the same month last year.

The sales price for townhouses in North Okanagan was $558,800 in October, up 16.5 per cent annually.

The benchmark prices for condos and apartments in October was $306,600, up 12.6 per cent in the past 12 months.

AIR noted that, as of the end of October, there were 302 single family, 78 townhouses, and 53 condos or apartments on the market in the North Okanagan.