It’s still a seller’s market and will continue to be that way as Okanagan real estate sales continue to soar.
“What we’re looking at for year to date sales for our entire board area, which covers from Peachland to the Revelstoke and the Sushwap, is up around $3.1 billion in total sales which is an increase of 50 per cent or $1 billion over last year,” said Anthony Bastiaanssen of the Okanagan Mainline Real Estate Board.
That’s a new record. Leading the way in housing sales is the Central Okanagan where the average price of a single family home has hit a new all time high.
According to the Okanagan Mainline Real-Estate Board, the average price for a single detached home in the Kelowna area has reached $624,000. That’s a year-over-year increase of nearly $100,000, or almost 20 per cent.
“But keeping in mind the average price takes into account all sales, from the lowest sale to the highest sale,” said Bastiaanssen
While the median price – where you eliminate the highest and lowest prices — is a little lower, it has also set a new record in 2016.
The median price of a single detached home in the Central Okanagan in July was $570,000. Last year, it was $490,000.
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