The Okanagan Mainline Real Estate Board has released its housing report for October.
According to the results, the continuation of a cooling sales market appears to be having opposite effects on the average price of condominiums versus single-family properties.
Both single-family properties and townhomes have seen a 5% jump in average price since this time year, while condominium prices have dipped 5% since October 2018.
“It is too early to say whether this shift in the condo category is an anomaly or the beginning of a trend or merely just a case of construction of more compact and affordable units having caught-up to consumer demand creating competitive market conditions,” said OMREB President Michael Loewen.
Residential sales from Revelstoke to Peachland totaled 625 in October, down from September’s 652 sales and just 2% fewer compared to the 639 units sold in October 2018.
New listings also dropped below last month’s 1,046 by 10.5% resting at 936 new units listed this month.
However, the average number of days to sell a home increased to 93 days over September’s 81 days.
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