Benchmark prices for all homes up year over year in December

Housing prices continued to climb in the North Okanagan this past December.

Data from the Association of Interior Realtors shows that compared to December of 2020 the benchmark prices for single family homes were up 30.3 per cent to $709,400; townhouse prices were up 21.6 per cent to $455,200, and condo and apartment prices were up 29.7 per cent to $323,300.

The Association of Interior Realtors use a benchmark price when reporting their data rather than an average or medium price, saying it “represents a dwelling with ‘typical attributes’ to those traded in the area.”

The days required to sell properties in the North Okanagan were all down when compared to December of 2020. The data shows that single family houses required an average of 33 days to sell, down 61.1 per cent from the previous December; townhouses required 48 days to sell on average, a decrease of 39.9 per cent; and condos and apartments sold on average at 40 days, which marks a decrease of 48.7 per cent.

While the prices were up on a year to year basis, all other factors were down.

Sales were down across the board in the North Okanagan this past December. There were 63 single family home sales, down 25.9 per cent from last year; townhouse sales were down 34.4 per cent to 21; and December saw just 13 condo or apartment sales, which is a decrease of 18.8 per cent.

Inventory was also down compared to last December. There were 92 single family homes for sale, down by 44.2 per cent; townhouse inventory dropped 38.8 per cent to 30; and there we’re 40 condos or apartments listed, which was down by 48.7 per cent from the year prior.

The data from the Association of Interior Realtors also shows that the North Okanagan had the third highest benchmark price for single family homes in the region. The Central Okanagan had the highest benchmark price in December 2021 at $1,004,900, followed by South Okanagan at $714,700.