Here's how much home prices have dropped since the peak

Kelowna area property prices have receded further amid higher interest rates and inflation concerns.

However, the Association of Interior Realtors said with more homes selling in February than in January, there are positive signs of a ‘normalizing’ market compared to the previous years of over-stimulated activity.

According to the association, the benchmark price for a single family home in the Central Okanagan dipped to $971,300 in February. That’s down around 0.5 per cent on the previous month, and a decrease of over 14 per cent below the benchmark price in February 2022.

And a single family home is now valued some $160,500 below the peak of April 2022.

The benchmark price of a townhouse is $742,200, which is barely changed from January, although almost five per cent down from February 2022.

The price of a condo is at $496,300, some four per cent below the benchmark price the previous month and almost eight per cent off the price in February last year.

“The uptick in sales activity compared to the previous month suggests that we are heading in a positive direction,” the association’s president Lyndi Cruickshank said. “The overstimulated boom of the last few years, along with multiple mortgage rate hikes made many buyers and sellers hesitant to make any moves. Now that the dust is starting to settle, these buyers and sellers can move forward in a transitionally healthier real estate market more reminiscent of pre-pandemic conditions.”

A total of 831 residential unit sales were recorded across the entire Interior region in February representing a 46.1 per cent decrease in sales compared to the hyper market of one year ago.

However, last month saw 276 more sales than January.