As the Okanagan temperatures showed a gradual warm-up throughout the month of May, residential real estate activity exhibited signs of heading into a balanced market as inventory climbed, reports the Association of Interior REALTORS®^ (the Association).
“Market activity last month has risen compared to the month before. However, it’s not surprising that this year’s May activity is lower than last year’s, considering the market was fairly heated a year ago,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “this is a pretty typical level of
market activity that one would expect to see in the Spring months.”
Residential Home Sales
A total of 1,512 residential unit sales* were recorded across the Association region in May coming in above April’s 1,282 units yet 10.7% below May 2023’s units sold.
Inventory
New residential listings saw a healthy increase of 15.8% compared to May 2023 with 3,618 new listings recorded last month. The total number of active listings saw an uptick of 43.2% of total inventory compared to May 2023 with 9,683 recorded across the Association region. The highest percentage increase in active listings was in the Central Okanagan region with a total increase of 58% compared to May 2023.
Home Sales by Property Type
The benchmark price for single-family homes saw decreases in the Central and North Okanagan regions in year-over-year comparisons, while the South Okanagan and Shuswap/Revelstoke regions saw modest increases of 0.1% and 1.8%, coming in at $783,500 and $729,100 respectively. Benchmark pricing in the townhome housing category saw decreases in the Central and South Okanagan regions compared to May 2023 while the North Okanagan and Shuswap/Revelstoke regions saw mild increases of 1.1% and 0.4%. In the condominium housing category, all regions, with the exception of the South Okanagan, saw consecutive decreases in the benchmark price for May 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.
