With one month left in 2023, residential real estate market sales activity hit its seasonal slowdown ahead of the holiday season during the month of November, reports the Association of Interior REALTORS®* (the Association^).
Residential Home Sales
A total of 813 residential unit sales were recorded across the Association region in November coming in below October’s 977 units sold and representing a 5.9% decrease in sales compared to November 2022.
Inventory
New residential listings increased 7% compared to November 2022 with 1,577 new listings recorded last month. The total number of active listings saw an increase of 19.9% of total inventory compared to November last year with 7,102 recorded across the Association region. The highest percentage increase in active listings continues to be dominated in the South Okanagan with a total increase of 38.8% compared to the same month last year.
“Seasonally, it is not unusual for market activity to soften as we head into the December holidays,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers are still feeling frustrated and constrained by high mortgage rates.”
“The cost of borrowing is creating a disconnect between what is currently achievable for buyers in terms of what they can afford given the interest rate pinch versus what may be their desired expectations, which makes it challenging for some given the lack of affordable supply in many regions,” says Mann.
Home Sales by Property Type
The benchmark price for single-family homes in the South Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw increases in year-over-year comparisons, while the Central Okanagan region saw a marginal decrease of 1.6% in single-family homes, coming in at $991,700. Benchmark price in the townhome housing category saw decreases across all regions compared to November 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw decreases in the benchmark price for November 2023 compared to the same month last year.
Days on Market
The average number of days to sell a home, always a good barometer to watch, decreased to 69 days compared to the previous month’s 73 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
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