Housing Market at a Glance
Summer – a time when we’re beginning to see more people enjoying the outdoors, more boats on our lakes and, after a slow spring start, more buyers snapping up local Okanagan real estate!
Sales & Inventory
A total of 1,662 residential sales were recorded across the region* in May, which represents a mild decrease (3.4%) compared to the same month last year, but on the rise compared to the 1,226 recorded a month earlier in April.
Chelsea Mann, Association of Interior REALTORS® President, commented on the shift by saying, “Some buyers seem to have recovered from the rate shock and re-evaluated or have adjusted their expectations of what they desire to more realistic expectations so that they can resume their real estate efforts”. She added, “While this is great to see, interest rates are still top of mind for many buyers.”
Last month new residential listings saw an 8.7% drop compared to May 2022 with 2,910 new listings recorded but came in well over that of April earlier this year, which saw 2,362 homes come on the market.
The total number of active listings saw a 25.5% increase in total inventory compared to a year ago in May, with 6,767 total residential listings recorded across the Association region. The highest percentage increase in active listings was recorded in the North Okanagan with a total increase of 44.8% compared to the same month last year.
Mann goes on to add, “The upward trajectory of new listings from just a month ago is a promising sign that inventory may be rebounding and starting to replenish at a healthier pace than before. It will be interesting to see if this momentum continues to help bring a more balanced market.”
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, with the highest percentage decrease for single-family homes in the Central Okanagan region for another consecutive month coming in at $1,048,900. The townhome and condominium housing categories also saw decreases across the various sub-areas in the benchmark price.
“When looking at housing prices, especially with regards to BC assessment values, it is important to note that there may be a disconnect in perception when it comes to property assessed value versus actual market value,” says Mann, adding “that the BC assessment value will not always correlate with the actual market value as those property assessed values were calculated last year, which does not necessary reflect what is currently happening in the real estate market today.”
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 our team of expert REALTORS® today.
