November in the Okanagan is a time of transition, with locals enjoying the last colours of fall and preparing for the festive season ahead. As holiday lights start to appear and Christmas carols play through grocery store speakers adding warmth and cheer to everyday errands, the holiday spirit begins to fill the Okanagan. The real estate market is not usually at its peak during this time, but buyers and sellers are still actively making moves before the year ends.
When it comes to residential real estate sales, this year November saw higher than seasonally anticipated activity despite a gradual slowdown toward the month’s end, reports the Association of Interior REALTORS® (the Association)^. Coupled with a downward trend in mortgage rates, the market continued to present opportunities for buyers and sellers in the BC Interior, promising opportunities for those navigating real estate in the region.
Residential Home Sales
A total of 994 residential unit sales* were recorded across the Association region in November, coming in below October’s 1,219 units and up 19.9% compared to November 2023’s units sold.
Inventory
New residential listings saw a decrease of 2.5% compared to November 2023 with 1,573 new listings recorded last month. The total number of active listings saw an 11% increase of total inventory compared to November 2023 with 7,884 recorded across the Association region. The highest percentage increase in active listings across the Association region was in the Kootenay region with a total increase of 18.8% compared to November 2023.
Home Sales by Property Type
The benchmark price for single-family homes in November saw increases in the Shuswap/Revelstoke, Central and North Okanagan regions in year-over-year comparisons, while the South Okanagan region saw a decrease of 7.7%. Benchmark pricing in the townhome housing category saw decreases in the Central and South Okanagan compared to the same month last year while the Shuswap/Revelstoke and North Okanagan saw increases of 11.1% and 12.6%, coming in at $578,500 and $621,900. In the condominium housing category, all regions saw decreases in the benchmark price for November 2024 compared to the same month last year with the highest decrease of 8.6% seen in the South Okanagan region, coming in at $424,800.
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.
