As we move into autumn, we naturally shift into a slower gear, embracing cooler temperatures and adjusting to shorter days. While we are doing so, our local housing market shares a similar transition, taking on its seasonal slow-down while also currently working alongside higher interest rates.
Sales
A total of 977 residential unit sales were recorded across the Association* region last month, marking a significant dip from the 1,265 units sold back in August. In comparison to the same month one year ago, this represented a 13.3% decrease in sales.
Inventory
Compared to September 2022, last month saw a 14.6% increase in new residential listings, with 2,384 new listings recorded. Looking at total inventory, the total number of active listings saw a healthy increase of 16.7% compared to September last year, with 7,865 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 35.3% compared to the same month last year.
“Typically the fall market starts to pick up momentum in September, however sales activity for the month suggests that the weight of high interest rates continues to bog down both buyers and sellers,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “many buyers and sellers have seemingly hit the brakes on their real estate efforts and have taken a wait-and-see approach hoping for the cost of borrowing to lighten. The market slowdown does not however mean that there aren’t still deals being made. Homes that are priced appropriately to reflect current market conditions are still being sold at an even pace.”
Benchmark Prices
The benchmark price for single-family homes in the South Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw slight decreases in year-over-year comparisons, while the Central Okanagan region saw an increase of 3% in single-family homes, coming in at $1,006,300. The townhome and condominium housing categories saw decreases across all regions compared to September 2022.
Days on Market
The average number of days to sell a home, which is always a good barometer to watch, increased to 71 days last month, compared to 63 days this past August. 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.
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.
