The moderation of the Okanagan housing market continued in the first month of 2019.
The number of sales and the average price fell once again in January when compared to December, according to numbers released Monday by the Okanagan Mainline Real Estate Board.
The average price of all homes in the region between Peachland and Revelstoke fell four per cent from December and eight per cent from January 2018.
“Residential housing demand continues to moderate, despite strong economic indicators, suggesting that government intervention is continuing to have an impact,” OMREB President Marv Beer said in a press release.
“Buyers, particularly first-home buyers, are likely having to wait longer to realize the dream of homeownership or lessen expectations of what they can afford as a result of stricter housing-related policy.”
On the other hand, the median price of single-family detached homes in the Central Okanagan went up in January when compared to December. The median price in January was $642,500, which was up from the $635,000 mark in December. The price was down, however, from the January 2018 figure of $651,000.
The number of days a property spends on the market continues to rise over the entire Okanagan region as does the number of listings. Listings are spending an average of 102 on the market, up from 99, and the inventory is now more than 3,000 properties.
“This is the highest volume of new listings we’ve had for some time now,” Beer said. “While we’re not out of the woods yet, this will help alleviate chronic housing supply shortages.”