As June temperatures increased, so did the active listings while residential real estate activity dipped amid growing inventory, reports the Association of Interior REALTORS®^ (the Association).
“Much like the weather, real estate sales activity in June was not the typical seasonal activity that we have seen in recent years that tends to increase as the warmer climate arrives,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “well-priced properties are primed to move at a faster pace.”
Residential Home Sales
A total of 1,330 residential unit sales were recorded across the Association region in June coming in below May’s 1,512 units and 21.6% below June 2023’s units sold.
Inventory
New residential listings saw a minor down tick of 1.4% compared to June 2023 with 3,218 new listings recorded last month. The total number of active listings saw an upswing of 36.3% of total inventory compared to June 2023 with 9,986 recorded across the Association region. The highest percentage increase in active listings for a consecutive month was in the Central Okanagan region with a total increase of 48.3% compared to June 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 4.1%, coming in at $753,200. Benchmark pricing in the townhome housing category saw decreases in all regions compared to June 2023. In the condominium housing category, all regions, with the exception of the South Okanagan, saw consecutive decreases in the benchmark price for June 2024 compared to the same month last year.
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