In the world of real estate, February is typically marked by a fresh influx of listings, offering buyers a wider selection of properties to choose from in the anticipation of warmer and busier months ahead. Residential real estate market activity is showing signs of recovery, heading into the typically bustling spring and summer market, reports the Association of Interior REALTORS® (the Association).
Residential Home Sales
A total of 810 residential unit sales were recorded across the Association region in February coming in above January’s 603 units sold yet down a moderate 3.7% in sales compared to February 2023.
Inventory
New residential listings saw a healthy uptick of 29.5% compared to February 2023 with 2,328 new listings recorded last month. The total number of active listings saw an increase of 26% of total inventory compared to February 2023 with 6,567 recorded across the Association region. The highest percentage increase in active listings continues in the South Okanagan with a total increase of 43.3% compared to February 2023.
“It is refreshing to see overall market activity starting to pick up ahead of spring which is typically a busier season for real estate transactions,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “with more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing to jump in before the general real estate market spring rush.”
Home Sales by Property Type
The benchmark price for single-family homes saw increases in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions in year-over-year comparisons, while the South Okanagan region saw a decrease of 3.3%. Benchmark pricing in the townhome housing category saw decreases across all regions compared to February 2023 with the highest decrease of 12.4% in benchmark pricing seen in the South Okanagan coming in at $483,600. In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for February 2024 compared to the same month last year.
Days on Market
The average number of days to sell a home, always a good barometer to watch, decreased to 90 days compared to January’s 94 days. It’s important to note that the average number 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 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.
