It’s a seller’s market.
The benchmark price for a single-family home in Revelstoke, and the rest of the Central Okanagan, has had it’s biggest percentage increase in four months, according to the Association of Interior Realtors.
The term “benchmark price” is defined as the price of a typical home in a given area.
In the month of August, the benchmark price for a single-family home in the Revelstoke/Shuswap area increased by 32.1 per cent to $615,100, mostly due to a decrease in number of available homes.
In August, the inventory of homes in the Revelstoke/Shuswap region decreased by 34.5 per cent; 129 single-family homes were available.
“The market has slowed down slightly due to a chronic lack of inventory but it’s by no means slow,” says Kim Heizmann, president of the association. “Listings are at record lows and not replenishing to meet the high demand.”
Single-family home prices made the largest jump in price, however the benchmark price of townhouses, condos and apartments also had double-digit per cent increases.
The benchmark price of townhouses in the Revelstoke/Shuswap region rose 25.2 per cent in August to $474,700, and condos/apartments rose 18.2 per cent to $376,500.
In August, the supply of active residential listings was down 46 per cent across the Central Okanagan compared to active listings in August last year.