July in the Okanagan is full of warm sunshine, abundant outdoor adventures, and fun community events, making it one of the best months to experience Canada’s only desert. With long daylight hours and peak levels of activities, local residential real estate activity has been trending upwards, while residential real estate sales in July remained steady.
Residential Home Sales
A total of 1,351 residential unit sales* were recorded across the Association region in July coming in above June’s 1,330 units and barely misses July 2023’s units sold by a 1.2% decrease.
Inventory
New residential listings saw an increase of 4.1% compared to July 2023 with 2,843 new listings recorded last month. The total number of active listings saw an uptick of 31.5% of total inventory compared to July 2023 with 10,207 recorded across the Association region. The highest percentage increase in active listings for another consecutive month was in the Central Okanagan region with a total increase of 40.8% compared to July 2023.
Home Sales by Property Type
The benchmark price for single-family homes saw decreases in the Central, South and North Okanagan regions in year-over-year comparisons, while the Shuswap/Revelstoke region saw an increase of 2.7%, coming in at $735,400. Benchmark pricing in the townhome housing category saw decreases in all regions compared to July 2023 with the exception of the Central Okanagan that saw a 1.7% increase, coming in at $779,200. In the condominium housing category, all regions saw decreases in the benchmark price for July 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.
