Market cooling slightly as heat shifts locations

Penticton, Oliver strong; Summerland tails off

Some of the heat seems to be evaporating in the South Okanagan real estate market, with average home prices and sales volume decreasing in two communities – but it’s still full steam ahead in the others.

The average sale price of a home in Summerland declined slightly from $604,000 to $601,000 in the first quarter of 2018 versus the same year-ago period, and the total number of properties sold fell from 64 to 51, according to fresh data from the South Okanagan Real Estate Board.

The drop was more noticeable in Osoyoos, with the average price softening from $461,000 to $440,000, and total transactions dipping from 72 to 65.

The markets remains strong elsewhere in the region, however.

The average price of single-family home in Penticton rose to $549,000 in the first quarter, up from $513,000 in the year-ago period, as total transactions fell from 268 to 254.

Oliver also realized a strong first quarter with the average house there fetching $432,000, up from $412,000, and 65 property sales versus 47 a year earlier.

As a whole, the region saw 535 transactions for properties worth $244.1 million in the first quarter, compared to 554 deals worth $218.6 million in the record-setting year-ago period, with the average singlefamily home trading for $484,000.

Meanwhile, construction in Penticton also picked up in the first quarter.

City staff issued permits for work valued at $37.6 million, up from $25.5 million a year earlier.

Nearly half of the 2018 total comes from permits for 139 multi-family units valued at $14.9 million. Another 31 single-family homes were green-lighted with a value of $11.6 million.