The March temperatures tended to be a little chillier this year and the market wasn’t quite as hot as it was last spring. Residential real estate market activity in March cooled during spring break and Easter vacations, reports the Association of Interior REALTORS®^ (the Association).
“Despite a relatively strong start in March, sales activity tapered off about mid-way through as spring break and Easter plans likely had buyers and sellers preoccupied,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “it isn’t surprising given that March is typically a staggered month when it comes to market activity.”
Residential Home Sales
A total of 977 residential unit sales* were recorded across the Association region in March coming in above February’s 810 units sold yet down 22% in sales compared to March 2023.
Inventory
New residential listings saw a healthy increase of 20.3% compared to March 2023 with 3,086 new listings recorded last month. The total number of active listings saw an increase of 34.1% of total inventory compared to March 2023 with 7,730 recorded across the Association region. The highest percentage increase in active listings was in the South Okanagan for another consecutive month with a total increase of 56.1% compared to March 2023.
Home Sales by Property Type
The benchmark price for single-family homes saw decreases in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions in year-over-year comparisons, while the South Okanagan region saw an increase of 5.6%, coming in at $758,500. Benchmark pricing in the townhome housing category saw decreases compared to March 2023 across all regions except for the Central Okanagan which saw an increase in benchmark pricing in year-over-year comparison. In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for March 2024 compared to the same month last year.
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.
