For the first time since June 2021, the average residential selling price in the Central Okanagan dipped below $1 million dollars as the market correction continues towards a soft landing. This also marks the second time in three months that the Benchmark Price was below a million dollars at $976,800.
Currently, buyers can expect a nearly 7% discount from asking price as the list to sale price is 93.32%.
House prices are down 13.75% from a year ago but only 2% over the past 3 months as the market trends toward balance.
The benchmark price is up over 43% from three years ago, and over 20% from 2 years ago. The short lived bubble of the spring of 2022 has ended and the market has "given back" the gains made during that time.
(The Benchmark Price is a better representation of value compared to the average or median price, as it represents a dwelling with "typical attributes" to those traded in the area)
Questions about the value of your home now in this new market climate? Reach out to me to book a discovery call today.