Sales & Inventory
As we ease further into summer, local Okanagan residential real estate activity begins to move forward at an even pace. The Association of Interior REALTORS® (the Association), comments that “market sales activity continues to trend on average as the summer slowdown kicks in”.
A total of 1,656 residential unit sales were recorded across the Association region last month, representing a 10.7% increase in sales compared to the same month back in 2022, but were down compared to May’s 1,662 unit sales earlier this year.
New residential listings saw a decrease for another consecutive month, down 7.1% compared to June last year, with 3,045 new listings recorded. This figure however, was up from earlier in May which saw 2,910 new listings enter the market.
The total number of active listings saw an increase of 13.8% of total inventory compared to June 2022, with 7,347 total residential listings recorded across the region. The highest percentage increase in active listings was recorded in South Okanagan with a total increase of 32.3% compared to the same month last year.
“After a long supply drought, it is encouraging to see that inventory has slowly been creeping up the last few months. However, there is still a segment of the market that is not available to meet certain buyer’s needs due to the high cost of lending, in particular affordable housing”, says the Association of Interior REALTORS® President Chelsea Mann, adding that “demand for affordable housing is at an all-time high”.
Benchmark Prices
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 for another consecutive month, with the highest percentage decrease for single-family homes recorded in the South Okanagan; down 3.2% coming in at $783,600. The townhome and condominium housing categories saw increases in the Central Okanagan, North Okanagan and Shuswap regions, while the South Okanagan saw decreases in the benchmark price for townhomes and condominiums.
“Competitively priced homes and those in the mid-range price points are moving at a more even pace than those that are priced at the higher end”, says Mann, adding that “the costs of carrying mortgages could impact sales activity as interest rate sensitive buyers can no longer afford what they could have a year or so ago”.
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.
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®.
