The Central Okanagan real estate market remains firmly entrenched in what’s called “balanced” territory.
What that means is the market is healthy and conditions equally favour buyers and sellers.
It’s not the boom it was a couple of years ago and it isn’t the bust it was during the 2009 recession.
As such, residential sales of all kinds, including single-family detached homes, townhouses and condominiums, totalled 509 in May, according to figures from the Okanagan Mainline Real Estate Board.
That’s almost identical to the 504 homes that changed hands in May 2018.
Prices are mixed.
The average selling price of a single-family home in May 2019 was $689,500, down 4.7% from May 2018.
Townhouse average selling price was $489,600, off 4.3%.
However, condominium average selling price was up 4.5% to $357,200.