Home Prices Up 15% from 2016 in Shuswap/Revelstoke Region

Posted by Marv Beer on Thursday, May 18th, 2017 at 10:11am.

It was a pretty solid month of April for home sellers in Salmon Arm and the Shuswap area as home prices are up on a year-over-year basis.

According to the latest numbers from the Okanagan Mainline Real Estate Board, the median price of a single family home was $393,500 in April, up 15.44% from April last year. There were less homes sold, however, than in April 2016 after 42 units changed hands compared to 51 last April. The average home selling price last month was $393,126.

And townhouse prices have really skyrocketed as well. In April the median sale price was $305,000, up a staggering 40% from April 2016 ($217,500). A total of 18 townhouses sold this past April.

interestingly, the cost to purchase a condo went down 28.71% for a median price of $190,000. In April last year, a condo would set you back $266,500.

For 2017, up to and including April, in the Salmon Arm sales region, the average single family home price is $391,490, up 11% from 2016. The average condo price is $233,100, which is down 15% from last year, while the average townhouse price sits at $334,000, up a whopping 27% from last year.

Despite the higher prices, single family homes are actually selling faster, on average, than they did last year. This year it's taking 91 days for a sale to close, down from 2017 when it took 117 days. That's 22% faster.

Salmon Arm Real Estate Prices (April 2017)

Salmon arm real estate stats April 2017

 

 

Royal LePage Access Real Estate Team

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