The festive season is a time to cherish loved ones, and for family and friends to gather. It can often be a busy time – either travelling to a destination for Christmas day, hosting family at yours, along with making sure the present and grocery lists are ticked off. However, it can also be a calmer time, when we enjoy the holiday to reflect on the past 12 months, put our feet up and simply enjoy some time off.
The property market also undergoes its familiar seasonal shift, taking on a slower pace as buyers and sellers focus more on their holiday season activities.
Across the region last month, residential home sales were down 48.4% (844) compared to the hyperactive market that we saw back in November 2021. Sales also dipped by 15.6% against those recorded in October earlier this year. However, as Lyndi Cruickshank (Association of Interior REALTORS® President) points out, “Comparing sales from this year to last year would be like comparing apples to oranges.” She adds, “Comparing to a typical seasonal pre-pandemic November would represent a more accurate comparison over the frenzied market over the last few years, which would show that we are currently not that far off from an average November.”
Inventory
Last month, new residential listings saw a small decline across the region compared to the same month a year ago, with 1,357 new homes recorded (-4.6%). However, overall inventory experienced a very healthy boost year-on-year, seeing 85.3% more homes on the market (6,980).
“While it’s great to see that the number of active listings is higher than it has been for a long time, the market remains tight as new inventory seems to be flattening,” notes Cruickshank, adding, “this is not unusual for this time of year as sellers hold off on listing while they are enjoying the holiday season.”
Benchmark Prices
The benchmark price for single-family homes in the Central Okanagan, North Okanagan and South Okanagan regions all saw increases in year-over-year comparisons, except for the Shuswap/Revelstoke area that saw a 4.4% decrease in single-family benchmark prices. The benchmark price in all other housing categories saw minor to moderate increases compared to November 2021, with the highest percentage increase in the condominium category for the South Okanagan; up 16.4% compared to November 2021, coming in at $422,800.
Average Days on Market
The average number of days to sell a home is always a good barometer to watch. In November, this figure increased by 1 day compared to October the month prior, rising from 64 to 65 days. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
Searching For Your New Havn?
Christmas is a time for family, and at Stilhavn, you’re always treated like part of ours! Come and see us throughout the holiday season and let our team of market-leading REALTORS® walk you through your buying or selling options so together, we can find your new Okanagan havn.
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®.
