The real estate market in the Okanagan continues to experience fluctuations, reflecting broader economic trends and local conditions. Despite recent interest rate cuts, residential real estate sales in August fell, reports the Association of Interior REALTORS® (the Association)^. Many buyers and sellers are adopting a wait-and-see approach. Inventory levels have risen, providing more options for potential buyers, but overall sales are still trending below historical averages. The market remains balanced, with a healthy mix of listings, though certain areas like the Central and North Okanagan have seen price adjustments. As the market adapts to these shifts, we remain focused on guiding our clients through these dynamic conditions.
Residential Home Sales
A total of 1,165 residential unit sales* were recorded across the Association region in August coming in below July’s 1,351 units and below August 2023’s units sold by a 9.5% decrease.
Inventory
New residential listings saw an increase of 9.3% compared to August 2023 with 2,586 new listings recorded last month. The total number of active listings saw an uptick of 31.4% of total inventory compared to August 2023 with 10,198 recorded across the Association region. The highest percentage increase in active listings for a fourth consecutive month was in the Central Okanagan region with a total increase of 41.2% compared to August 2023.
Home Sales by Property Type
The benchmark price for single-family homes in August saw increases in the Shuswap/Revelstoke and North Okanagan regions in year-over-year comparisons, while the Central and South Okanagan region saw decreases of 5.3% and 7.7%, respectively. Benchmark pricing in the townhome housing category saw decreases in the Central and South Okanagan compared to the same month last year with the Shuswap/Revelstoke and North Okanagan seeing slight increases of 1.2% and 0.6%, coming in at $591,300 and $558,600. In the condominium housing category, all regions saw decreases in the benchmark price for August 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.
