As the summer holidays begin their annual wind-down, so too has our local residential real estate market.
With sales activity starting to cool off, July recorded a total of 1,337 residential unit sales across the Association* region – down compared to the 1,656 unit sales back in June, however up 9.5% year over year.
Last month, new residential listings saw a slight increase of 2.3% compared to July last year, with 2,550 new properties hitting the market.
The total number of active listings enjoyed an increase across our local inventory pool, reaching 7,770 across the region. This figure is up from June’s 7,347 total listings and up 12.7% compared to July last year.
Seasonally, it is characteristic to see sales activity cool during the hot summer months, which given the slight dip from activity in June, isn’t surprising,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “it is promising to see some typical market activity despite high interest rate hikes creating a challenging climate for buyers and sellers.”
The benchmark price for single-family homes in the North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw decreases in year-over-year comparisons, while the Central Okanagan had a 0.9% increase to $1,063,700.
The townhome and condominium housing categories saw increases in the North Okanagan and Shuswap regions, while the Central and South Okanagan saw decreases in the benchmark price for the same property types.
“While inventory is gaining momentum, low supply is still an issue and a primary factor driving price growth,” added Mann. “With consumers feeling pinched by high mortgage rates, some buyers have gravitated towards eyeing other geographical regions with more affordable options,” says Mann, noting, “it is important to consult a local real estate professional who works and lives in your desired community to help navigate any regional specific market conditions.”
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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®.