Housing Market at a Glance
As the weather started to heat up so too did the demand for local Okanagan property.
Residential real estate market demand across the Association* region has been picking up throughout the start of the spring season, however the current supply of inventory is struggling to keep up with buyer demand.
Sales
A total of 1,226 residential unit sales were recorded across the region throughout April, a figure on the rise from the 1,207 sales that were seen a month prior in March. In comparison to the frenzied market that was April back in 2022 however, last month’s sales were down 30.6%.
The Association of Interior Realtors President®, Chelsea Mann commented on April’s shift by saying, “After a sluggish start to the year we are seeing buyer optimism returning as the busy spring market has arrived. Buyers who hit pause on their real estate ventures amid rising interest rates last year have started to resume their searches with different expectations in mind.”
Listings & Inventory
New residential listings in April saw a drop by 21.4% compared to the same time last year, with 2,362 new listings recorded. In the same year over year comparison, total inventory saw a welcomed increase of 41.5%, however the total number of active residential listings remained low for April, with only 6,259 across the Association region.
The highest percentage increase in active listings was recorded in the South Okanagan for a second consecutive month, with a total increase of 64.5% compared to the same month last year.
Mann goes on to add, “The chronic lack of supply has been a common theme for the last few years with new listings simply not hitting the market as actively to meet the demand of growing communities. The limited housing stock makes it really challenging for motivated buyers to find what they are looking for within their price range.”
Benchmark Prices
The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw decreases in year-over-year comparisons, with the highest percentage decrease for single-family homes in the Central Okanagan region coming in at $1,051,100.
The townhome categories all saw decreases across the various sub-areas in the benchmark price. The condominium category saw mostly increases in the sub-areas with the Central Okanagan being the exception, which saw a 4.5% decrease compared to April 2022.
Welcome to an Elevated Real Estate Experience
At Stilhavn, we continue our relentless pursuit of excellence because it’s our intrinsic belief that our clients deserve better than the status quo. When you become a client with Stilhavn you become a client for life, and it is our privilege to serve not only our local Okanagan market, but further corners within the Lower Mainland.
We keep our fingers on the pulse, we collaborate extensively across our teams, and we are committed to providing an elevated experience when it comes to your next buying or selling journey.
