LOCAL RESIDENTIAL SALES PICK UP AS WE HEAD INTO THE FALL SEASON…
Housing Market at a Glance
According to the Association of Interior REALTORS® (the Association), market activity in the region has begun to show healthier signs, with the number of residential real estate sales strengthening again throughout August.
After recently navigating lower than normal movement, residential unit sales increased from 1,196 (recorded back in July) to 1,205 last month, but compared to the frenzied market that was August back in 2021, sales numbers were still noticeably down 32.6%.
“After the unpredictable hot market through the majority of last year, it is nice to see some typical seasonal consumer behaviour returning as we head into this Fall,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding “this is a welcomed optimistic sign for a potential return of a balanced market to come, sooner than anticipated.”
Inventory
While the overall inventory across the region saw a healthy upswing last month with 7,876 units currently on the market (61% more than the same month last year), new residential listings experienced a 4.2% dip within the region, with 2,152 new homes becoming available for potential buyers.
“The market seems to have started turning the corner with respect to overall inventory levels. With an increase of properties available, this could bode well for sellers and buyers who have been sidelined for much of the year,” Cruickshank commented.
Benchmark Prices
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions saw increases in year-over-year comparisons across all home categories, however the most noticeable increase in the North Okanagan, for the second consecutive month, was witnessed this time in the townhomes category.
The benchmark price for this particular property type in the North Okanagan increased to $559,700 (up 29.2%) compared to August 2021.
Average Days on Market
A good barometer to watch – whether as a seller or a buyer – is the average number of days it takes to sell a home. Last month in August, this increased by 3 days, rising from 54 days back in July, now at 57.
It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
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All statistics are courtesy of The Association of Interior REALTORS®.
*The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops and Kootenay regions, as well as the South Peace River region.
The Association of Interior REALTORS® was formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board. The Association has since also amalgamated with the Kamloops & District Real Estate Association and the Kootenay Association of REALTORS®.