Housing Market at a Glance
As we find ourselves getting back into the swing of things, so too is our local Okanagan property market. After taking it easier throughout the holiday season, we’re excited to have 2023 underway and see how the new year continues to unfold.
Following in the footsteps of a busy 2021 and 2022, sales activity this January started off a little calmer. A total of 552 residential unit sales were recorded across the Association^ region last month, coming in at just under half (-48.6) of those recorded back in January 2022.
Lyndi Cruickshank – Association of Interior Realtors® President – commented on January’s performance by sharing, “This dampening in sales activity is not unexpected given current market conditions. Specifically, the cost of borrowing has risen over the course of the year and weighs heavily on homebuyers’ plans. Demand is still strong, but high interest rates will likely continue to make for a slow first quarter in real estate activity.”
While January sales may have started off slower, inventory levels rose across both new and overall listings. New residential listings saw a slight uptick of 7.1% within the region (+1,430) compared to January the year prior. Overall inventory saw a very healthy increase, with 99.8% more properties on the market (compared to the same year-over-year timeline), with 6,208 units available at the close of January.
Cruickshank goes on to add, “Despite an increase in inventory, there is still a lack of affordable housing which is compounded by the high interest rates. We are seeing buyers and sellers holding off on their real estate intentions as their money just doesn’t get them as far as what it used to.”
The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions all saw some modifications in year-over-year comparisons, with a mix of increases and decreases depending on the various home types. The benchmark price for single-family homes saw decreases across all areas compared to January 2022, with the highest percentage decrease in the Central Okanagan; down 7.9%, coming in at $976,800.
Average Days on Market
The average number of days to sell a home, which is always a good barometer to watch, increased to 86 days compared to 75 recorded back in December 2022. It’s important to note that the average of days on market is for the entire Okanagan region and that this 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.