Residential sales took a small dip last month, but the value of homes across the region remains steady*
Demand for residential homes across the region remained high last month, but according to The Association of Interior REALTORS® (the Association), market activity looked to be getting back onto a more normalized path.
Housing Market at a Glance
A total of 1,687 residential unit sales were recorded across the Association region, marking a 24.9% decrease compared to the frenzied number of units sold recorded in the same month last year.
“While the number of units sold seems like a drop when comparing it to the historically high activity experienced in May 2021, sales across the region really only slid down 1.2% compared to last month,” says the Association of Interior REALTORS® President Lyndi Cruickshank. She added, “at this time, that is a fairer comparison as it compares two normal months rather than comparing one month of unusual real estate movement with one that is within a normalized range. An apples-to-apples comparison if you will.”
Infographics courtesy of The Association of Interior REALTORS®.
New Listings & Benchmark Prices
New residential listings are progressing as expected for the month of May with a 5.4% uptick within the region – 3,166 new listings recorded compared to the same period last year, as well as an increase of 5.9% over last month (2,990).
The overall active listings also saw a healthy increase with 5,943 listings currently on market, an increase of 27% in year-over-year comparisons.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions held their double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories, with the greatest increase being for condominiums in the North Okanagan.
The benchmark price for condominiums in the North Okanagan recorded a 30.9% increase compared to May 2021, coming in at $342,600.
“It is important for buyers and sellers alike to understand that sales are not the same thing as value. The value of homes in the region remains steady and hasn’t gone down, despite sales, which is the number of homes sold, dipping slightly. Demand remains high in the region, even with the tightening of mortgage rates. Hopefully we will see even more inventory coming on to market in the warm summer months to help meet that demand,” notes Cruickshank.
Average Days on Market
The average number of days to sell a home increased from 39 days back in April to 41 days last month in May. 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.
Searching for Your New Havn?
Whether you’re a first-home buyer, looking to downsize or simply looking to relocate, reach out to one of our experienced Stilhavn REALTORS® to guide you through the steps and help you navigate the ever-popular Okanagan market. Our expert agents can not only explain these market stats further, but also offer in-depth knowledge about a particular neighbourhood, which property types might best fit your situation and preferences and answer any other questions you may have.
We’re here to help #findyourhavn
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®.