South Okanagan real estate market continues cool down, moderating price gains

PENTICTON – The South Okanagan real estate market continued its slowdown in November and that appears to have slowed price gains, while an increase in the number of units up for sale has provided buyers with more choices compared to a year ago.

Fifty-seven fewer houses sold this November compared to the same month a year ago, a drop of 36.9 per cent from 156 units last November to 99 units this year, according to the latest statistics from the South Okanagan Real Estate Board. That brings the year to date totals to 1,806 units, which is 22.1 per cent less than the 2,322 units sold year to date in 2017.

Real Estate Board president Linda Davreux says activity has been dropping since the summer and remains unchanged through November.

“The slowdown in demand along with rising supply has returned the market to balanced territory, which is why the year over average price gain this year will be more moderate than in 2016, or 2017,” Davreux says.

The average price of a South Okanagan home is down 8.7 per cent compared to November’s price a year ago, from $447,004 to $407,829.

However, year to date the average residential home price is up 4.4 per cent compared to a year ago, from $401,202 in 2017 to $418,876.

The total value of all home sales dropped sharply compared to November, 2017, from $69,732,644 in 2017 to $40,400,000 million, down 43.4 per cent.

There’s more choice on the market this year, as active listings are up 36.5 per cent from 853 units in November 2017 to 1,174 units this year.

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