In a realm of fence-sitting and stagnant sales and prices, the benchmark selling price of a typical house in Kelowna stubbornly hovers just above the $1M mark.

"Economic uncertainty continues to be a key factor influencing market activity — either driving momentum or dampening engagement, depending on local conditions," said Kadin Rainville, president of the 2,600-member Association of Interior Realtors.

In Kelowna's case, local conditions lean toward neutrality with sales and prices in May virtually unchanged from April.

"Market activity remains slightly subdued compared to historical norms, yet steady," added Rainville.

"Despite some misaligned buyer and seller expectations with current market conditions, where prices have remained remarkably stable, well-priced properties continue to change hands."

The 'misalignment' Rainville refers to is some sellers listing homes at prices above what they'll ever get for it and some buyers expecting a bargain when they likely aren't going to get one.

Generally, Rainville calls the market "more balanced overall".

Let's put this all into numbers.

According to Association of Interior Realtors statistics from May, 221 single-family homes sold in the Central Okanagan last month with the benchmark selling price of a typical home coming in at $1,030,400.

That's little change from April when 203 houses changed hands and the benchmark was $1,034,800.

In fact, the single-family house benchmark hasn't changed much since it dropped from its post-COVID record-high of $1,131,800 in spring 2022 to almost three years of popping just above and just below $1M.

Photo credit: Realtor.caThis house on Sunview Drive in West Kelowna is listed for sale for $1 million, which is just below the benchmark selling price of $1,030,400 in the Central Okanagan in May.

When it comes to townhouses, 75 sold in May, up a bit from the 67 that changed hands in April.

The May benchmark selling price of a typical townhouse was $745,200, a bump from $734,600 in April.

The townhouse benchmark peaked in spring 2002 at $829,000.

For condominiums, sales were almost exactly the same in May at 98 as April's 99.

The benchmark selling price of a typical condo, however, slipped to $511,800 in May from $513,100 in April.

The condo benchmark also hit its all-time high in the spring of 2022 with $557,700.

Despite benchmark prices in all categories being lower than spring 2022 records, housing in Kelowna is still wildly unaffordable for many.

Thus, the static sales and prices as many people who would like to buy a home sitting on the sidelines, priced out of the market.

The average number of days to sell a single-family home currently is 52 days, a townhouse 62 and a condo 68.

That's an indication that buyers aren't in a rush and are prepared to shop around and negotiate a lower price, if possible.

The whole inert situation may also mean potential sellers may be waiting to list their homes until conditions improve and potential buyers aren't taking action yet in hopes of lower prices, mortgage interest rates coming down more and the economy improving.

_{Thumbnail photos from Realtor.ca}