Little change indicated in local real estate markets

The Keremeos real estate market saw a big increase in the average sales price for properties in the Lower Similkameen over last year.

Now is as good a time as any to invest in real estate

Now is as good a time as any to invest in real estate

The Keremeos real estate market saw a big increase in the average sales price for properties in the Lower Similkameen over last year.

On a year to date basis, Keremeos posted a 101 per cent increase in average sales price – from $215,611 last year to $434,266 this year.

Local realtor Tuesday McDonald explained that the statistic likely does not tell the whole story.

“Because of the size of our market, it could be due to one or two more expensive properties being sold this year, with last year’s sales being more moderately priced properties,” she explained.

The numbers in higher activity markets, like Penticton’s, where average prices are down by six per cent appear to reflect a more stable annual price comparison

So far this year, fewer properties have sold compared to last year,  at 50 units last year against 29 this year.

It is taking a little longer to sell a property this year as well – 165 days on average versus 154 days last year, with the total number of listings also down by 12, from 182 last year to 170 this year.

 

“I continue to be optimistic about the market here in Keremeos,” McDonald said. “You can never tell when prices are going to start to rise again – and the only way for mortgage rates to go right now is up, so now is as good a time as any to buy.”