Housing Market at a Glance
As spring approaches, it seems that the local residential market is also looking brighter.
The Association of Interior REALTORS® (the Association*) reports that the market is showing positive signs of normalizing after a period of over-stimulated activity during the previous few years.
“The uptick in sales activity compared to the previous month suggests that we are heading in a positive direction,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding that “the overstimulated boom of the last few years, along with multiple mortgage rate hikes made many buyers and sellers hesitant to make any moves. Now that the dust is starting to settle, these buyers and sellers can move forward in a transitionally healthier real estate market more reminiscent of pre-pandemic conditions.”
Sales and Inventory
831 residential unit sales were recorded last month across the Association region – 46.1% less than in the hyper February market back in 2022. Although down year-over- year, sales were up compared to earlier this year in January, which had 555 sales recorded.
February’s overall inventory was extremely healthy, with 82% more units on the market at the close of February (5,213), compared to the same month in 2022, but was down 14.7% in new residential listings, with 1,579 recorded.
“As we have seen throughout the last few years, the lack of housing supply continues to limit buyer options and ultimately creates a continued tight hold on inventory,” notes Cruickshank, adding “hopefully, the Provincial Government’s recently announced budget commitment for its refreshed housing strategy will help bring some much-needed new inventory to the market.”
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.
The benchmark price for townhomes and condominiums saw a variety of percentage increases and decreases compared to February 2022 across the various sub-areas. The highest percentage increase for these two housing types was represented in the townhome category for the North Okanagan region; coming in at $591,900, up 14.7% compared to the same time last year.
Average Days on Market
The average number of days to sell a home – always a good barometer to watch – decreased in February to 76 days compared to 86 days in January. 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.
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 Lower Mainland market, but to further corners throughout the Okanagan.
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.