Residence gross sales are falling, however costs are rising in Kelowna

Here’s a mystifying contrast that only seems to happen in Kelowna real estate.

The market has started to cool off with fewer sales, but house prices continue to rise, setting a new all-time record in May.

The latest figures from the 1,600-strong Association of Interior Estate Agents show sales in the region totaled 1,482 in May, up from 1,719 in April.

However, during the same period, the benchmark sales price of a single family home in Central Okanagan hit a record $ 901,600, a jump from $ 880,000.

</who>The market has slowed but not weakened, according to Kim Heizmann, president of the Association of Interior Realtors, a broker at Century 21 in Vernon. “Class =” img-responsive “src =” files / files / images / Kim% 20Heizmann% 202 (4) .jpg “style =” margin: 5px; “/></p>
<p>“Although the market has slowed from an all-time record, that does not mean that the market has weakened,” said association president Kim Heizmann, broker at Century 21 in Vernon.</p>
<p>“It means that the customer craze has calmed down a bit.”</p>
<p><img alt=Wile’s sales activity is well underway, prices continue to rise, setting a new record price of $ 901,600 for a single family home in May. This 2,500-square-foot, three-bedroom, three-bathroom home on Quail Crescent is for sale for $ 899,000. “Class =” img-responsive “src =” images / % 24900% 2C000% 20house.JPG “style =” margin: 5px; “/>

KelownaNow first reported signs of cooling in mid-May when ReMax Kelowna’s real estate agent Rick Hamer-Jackson announced that buyers were taking a breather to avoid bidding wars for homes that were selling for $ 10,000 to $ 100,000 above List price lead.

Heizmann uses a corresponding driving analogy.

“We’re seeing a release of the accelerator pedal (of a car) that went past the speed limit to move at a reasonable pace now,” she said.

“The pressure is easing off slightly, which has a calming effect on a healthier market for both buyers and sellers.”

The average number of days a home is on the market before it is sold is 24, an indication that buyers can take their time, do their due diligence, and pay a fair price.

The record price trend also extends to townhouses and condos in Kelowna.

The average benchmark townhouse retail price in May was $ 621,800, up from $ 560,900 in April.

Also last month, the average benchmark condominium sales price was $ 455,400, down from $ 438,400.

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