Three weeks ago, realtor Rick Hamer-Jackson listed a nice, older, but fully renovated home, for sale for $950,000.

There was a flurry of showings, but no offers in the first 48 hours.

"That's when I knew the market was starting to adjust from its peak," said Hamer-Jackson.

"You know you've missed the mark on price if there's no offer in the first 48 hours."

The price was dropped to $925,000 and still no action.

So, the home was taken off the market briefly and reintroduced at $899,000, received two offers and sold quickly.

"The hot, high times of 90, 60 and even 30 days ago of just slapping a crazy price on a house and it starting a bidding war and selling for more than the list price are over," said Hamer-Jackson.

"Pricing has to be more strategic. We can't just pick a number out of the sky anymore."

This turnaround in the market has come as a shock.

After all, house prices had skyrocketed 30% over the past year to a peak benchmark price of $880,000 for a single-family home or an average of $974,000.

The pandemic spurred a frenzy of buying, which drove up prices, as people put renewed importance on home and people moved to Kelowna from Vancouver and Toronto with money to spend.

"Definitely, massive price increases are starting to ease," said ReMax realtor Colin Krieg.

"Have we reached the peak? Probably not. It's just an easing. There are few listings and sales are strong, so it's still a seller's market. In the meantime, there will be price reductions and fewer offers as everything settles."

Plus, both realtors mentioned 'buyer fatigue.'

Potential buyers who were caught in the vortex and bid on half a dozen homes only to come out with nothing tend to be taking a break.

As well, up to 45% of buyers have been from out of town over the past year and they are now stymied by COVID-related travel restrictions.

Investors, those that buy and put renters in the home or those that purchase with expectation of big gains, also tend to be taking a wait-and-see approach.

There are two schools of thought when it comes to how this will all play out.

One, the market is taking a breather, sales will continue strong and prices will creep up.

This is the option Krieg touts.

Two, this is a true adjustment and tipping point and sales and prices may soften by up to 10%.

This is what Hamer-Jackson expects.

Either way, the market will still be more vibrant than the 10-year average.

Hamer-Jackson mentioned it's always a good time to buy if you can afford it and the purchase is the primary residence you will live in for a long time.

He added November and December tend to be the best months to buy a home because the only sellers and buyers active are serious ones who will settle on a good deal.

The easing trend is also showing up in the apartment rental market.

From March to April, average monthly rents on both one and two bedroom units slipped ever so slightly to $1,480 and $1,780, respectively.