INVENTORY LEVELS ARE BEING SURPASSED BY HOT LOCAL MARKET DEMAND
Housing Market at a Glance
When we take a peek at how other property markets performed across the province last month, residential real estate sales here in the Okanagan looked to be slowing down in a similar fashion.
Across the Association of Interior Realtors® (the Association), a total of 1,084 residential unit sales were recorded throughout September. A drop by 37.3% compared to the number of sales recorded in the same month back in 2021.
“We are seeing that the Bank of Canada’s interest rate tightening in the last few months is keeping some buyers on the sidelines although demand remains strong,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding “with no mortgage rate relief anticipated any time soon, some potential homeowners are constrained from being able to enter the real estate market.”
Comparing against September 2021, new residential listings took a 9.6% dip throughout the region last month, with 2,081 new listings recorded.
Looking at overall listings, inventory saw a significant hike, jumping up 60.2% compared to the number of homes there were for sale last year in September, with 7,775 homes currently available for potential buyers.
Cruickshank comments to this, adding, “While inventory levels have been climbing, it is still far below pre-pandemic listings levels and far below where it needs to for the needle to move into a balanced market. Pent-up demand is still outpacing supply; however, the increased levels now offer buyers greater options and opportunities than they experienced in early 2022.”
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 with the most noticeable increase seen in the North Okanagan in the townhomes category (for the second consecutive month). The benchmark price for townhomes in the North Okanagan increased to $572,500; that marks a 25.9% increase over September 2021.
Average Days on Market
The average number of days to sell a home – always a good barometer to watch – remained unchanged from a month earlier in August, coming in at 57 days. 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.
Searching For Your New Havn?
If you’re looking for your new Okanagan havn, our tailored group of industry leaders understand that our local market ebbs and flows like the seasons. With new changes occuring month-to-month, our team remains reliably informed to ensure that you have the most up-to-date information and support when it comes to making your next property decision.
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®.