As we step into a new month, we reflect on the last few weeks where wildfires impacted not only our region and local communities, but our housing market also. Amidst wildfire activity hitting its peak, sales activity across residential real estate slowed slightly, but remained steady according to the Association of Interior Realtors®.
Throughout August, a total of 1,265 residential unit sales were recorded across the Association region*, a figure that reflects a moderate 2.6% increase in sales compared to the same month back in 2022. However, down slightly from July’s 1,337 sales earlier this year.
The Association of Interior Realtors® President, Chelsea Mann, commented on last month’s market trends by saying, “While sales activity seems muted compared to the unusually high activity over the last few years, when comparing to pre-pandemic years, it held up pretty steadily in August. The high cost of borrowing and the raging wildfires across the province likely played a part in subduing market activity.”
Mann went on to add that, “This is however a welcomed calming of sorts, as it allows both buyers and sellers to make more informed decisions as opposed to having to expedite their decisions in order to either beat the competition or to outrun rising mortgage rate hikes.”
Although new residential listings (2,219) dipped 3.4% compared to August last year, the total number of active listings last month saw a healthy increase of 11.6% of total inventory in a year-over-year comparison with 7,778 homes available on the market for potential buyers. This figure just nudged out July’s 7,770 total listings.
The highest percentage increase in active listings continues to be dominated in the South Okanagan with a total increase of 38.1% compared to the same month last year.
The benchmark price for single-family homes in the South Okanagan and Shuswap/Revelstoke regions all saw decreases in year-over-year comparisons, while the Central Okanagan and North Okanagan region saw single-family home benchmark prices increase by 5.6% and 2.2%, respectively, clocking in at $1,068,600 and $763,100.
The townhome and condominium housing categories saw increases across all regions, with the exception of the South Okanagan benchmark price for condominiums decreasing 4.6% to $449,300 compared to August back in 2022.
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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.