Housing Market at a Glance
As the 2022 year came to a close, our local Okanagan property market took on a slower pace, easing further out of a heightened pandemic activity period and finding ways to adjust to new market changes.
Last month, a total of 572 residential unit sales were recorded across the Association region*, representing a 42.8% decrease in sales compared to the number of units that were sold during the unusually strong market back in December 2021.
President of the Association of Interior REALTORS®, Lyndi Cruickshank commented, “After a very strong first half of 2022, we began to see market activity moderate amid consistently rising interest rates imposed by the Bank of Canada. Although inventory levels remain tight, the high interest rates will continue to subdue market activity in the coming months.”
Inventory
There were 651 new residential listings recorded last month, a 20.7% dip compared to the same month one year ago in December 2021. However, looking at overall inventory, there was a 93.5% spike with 6,001 units currently on the market at the close of December last year.
“Looking to 2023, we anticipate inventory will continue to accumulate, as compared to recent years, with all signs pointing to more balanced conditions with buyers and sellers benefitting equally,” notes Cruickshank, adding “real estate professionals will continue to support buyers and sellers as they navigate the real estate markets across the region.”
Benchmark Prices
Last month, the benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and the Shuswap/Revelstoke regions all saw moderate decreases in year-over-year comparisons. In all other housing categories, benchmark prices saw minor to moderate increases compared to back in December 2021, with the highest percentage increase in the townhouse category for the North Okanagan – up 13.8% compared to the same month a year prior, coming in at $574,400.
Average Days on Market
A good barometer to always keep an eye on is the average number of days to sell a home. Last December, this figure rose from 65 days back in November, to 75. It’s important to note that the average number of days on the market is for the entire Okanagan region, and that this indicator will vary depending on home type and sub-region.
Searching For Your New Havn?
With changing interest rates and new regulations for buyers and sellers to be aware of this new year, it’s even more important to work with a market professional who understands these developments and what they may mean for you.
Our Stilhavn REALTORS® are connected from all corners within our markets – throughout the Lower Mainland and the Okanagan – to ensure that you, as our clients, have the necessary tools and most up-to-date information to successfully #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®.
