The Housing Market at a Glance
As the clocks fell backward and we moved into Spring, it seemed that along with the temperatures, local residential market sales also began trending upwards. Sales activity throughout March began to pick back up after a slower start at the beginning of the year.
A total of 1,207 residential unit sales were recorded across the Association region last month, representing a 37.2% decrease in sales compared to the same month last year, however rising in comparison to February’s 831 unit sales.
Lyndi Cruickshank, President at the Association of Interior REALTORS® commented, “The upwards movement in sales activity compared to the previous month is showing signs that market activity is on its way to recovering from the previous month’s slump, while still maintaining healthy market activity. A more balanced market allows both parties to confidently move forward with their real estate aspirations.”
New residential listings saw an increase over those in February (1,579), with 2,442 new listings recorded, despite a 15.7% decrease within the region compared to March 2022.
Overall inventory saw a healthy 61.1% uptick with 5,903 units currently on the market at the close of March.
The highest percentage increase in active listings was recorded in the South Okanagan with a total increase of 81% compared to the same month last year.
Cruickshank goes on to add, “This is the highest volume of new listings we’ve had for some time now, indicating that we are heading in a positive direction. While we’re not out of the woods yet, this will help provide more options to buyers and sellers.”
“The spring months usually witness a surge in market activity, and REALTORS® will certainly be instrumental in providing adequate information and support during this period. Whether you are a buyer or a seller, it’s always a good idea to work with a real estate professional who can assist you in navigating current market conditions,” she continued.
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 coming in at $1,001,500.
The townhome and condominium categories all saw decreases across the various sub-areas in the benchmark price with the exception of townhomes in the North Okanagan, which saw a 9.2% increase compared to March 2022.
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.
Reach out to one of our local market experts today. We’re here to guide you home.
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®.