Benchmark prices and the number of sales were down across the board substantially in the Central and North Okanagan regions last month.
Association of Interior Realtors on Thursday released its monthly statistics, which revealed the benchmark prices for single-family homes, townhouses and condominiums were down 5.8%, 3% and 8.5%, respectively, from August.
The single-family mark fell more than $62,000 but still remains in seven-figure territory at $1,006,300.
The number of unit sales in the Central Okanagan dropped to 264 last month from 359 in August, which could be the result of high interest rates or perhaps the inability for some to get insurance due to the McDougall Creek wildfire.
“Typically the fall market starts to pick up momentum in September,” AIR president Chelsea Mann said in a press release. “However, sales activity for the month suggests that the weight of high interest rates continues to bog down both buyers and sellers. Many buyers and sellers have seemingly hit the brakes on their real estate efforts and have taken a wait-and-see approach, hoping for the cost of borrowing to lighten.
“The market slowdown does not however mean that there aren’t still deals being made. Homes that are priced appropriately to reflect current market conditions are still being sold at an even pace.”
In the North Okanagan, the benchmark price of a single-family home fell 4.6% to $728,100, while the townhouse mark dipped 4.6% as well. The condo price plummeted 8.2% to $321,500.
There were 977 sales across the entire AIR region last month after 1,265 signed on the dotted line in August. Inventory also increased in nearly every housing category as well.
