Residential real estate market sales activity continues trending on average as the summer slowdown kicks in, reports the Association of Interior REALTORS® (the Association). 

A total of 1,656 residential unit sales were recorded across the Association region in June, representing a 10.7% increase in sales compared to the same month last year, but down compared to May’s 1,662 unit sales. 

New residential listings saw a decrease for another consecutive month, down 7.1% compared to June 2022 with 3,045 new listings recorded, yet up from May 2023’s 2,910 new listings. The total number of active listings saw an increase of 13.8% of total inventory compared to June last year with 7,347 total residential listings recorded across the Association region. The highest percentage increase in active listings was recorded in the South Okanagan with a total increase of 32.3% compared to the same month last year.  

“After a long supply drought, it is encouraging to see that inventory has slowly been creeping up the last few months. However, there is still a segment of the market that is not available to meet certain buyer’s needs due to the high cost of lending, in particular affordable housing,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “demand for affordable housing is at an all-time high.” 

The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw decreases in year-over-year comparisons for another consecutive month, with the highest percentage decrease for single-family homes recorded in the South Okanagan region; down 3.2% coming in at $783,600. The townhome and condominium housing categories saw increases in the Central Okanagan, North Okanagan and Shuswap regions, while the South Okanagan saw decreases in the benchmark price for townhomes and condominiums.  

“Competitively priced homes and those in the mid-range price points are moving at a more even pace than those that are priced at the higher end,” says Mann, adding “that the costs of carrying mortgages could impact sales activity as interest rate sensitive buyers can no longer afford what they could have a year or so ago.” 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops, and Kootenay regions, as well as the South Peace River region.  

Residential real estate activity in May showed signs of heading into a balanced market as inventory climbs, reports the Association of Interior REALTORS® (the Association).

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.

“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.”

“There seems to be a return of consumer confidence with the gap between buyers’ and seller’s expectations narrowing that has helped ramp up market activity after a muted first quarter,” notes Sharun.

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.  

“With a healthy dose of inventory, we are seeing more balanced market conditions after years of the pendulum mostly swinging in the direction of a sellers’ market,” adds Sharun.

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.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals.

Residential real estate market sales activity continues trending on average as the summer slowdown kicks in, reports the Association of Interior REALTORS® (the Association). 

A total of 1,656 residential unit sales were recorded across the Association region in June, representing a 10.7% increase in sales compared to the same month last year, but down compared to May’s 1,662 unit sales. 

New residential listings saw a decrease for another consecutive month, down 7.1% compared to June 2022 with 3,045 new listings recorded, yet up from May 2023’s 2,910 new listings. The total number of active listings saw an increase of 13.8% of total inventory compared to June last year with 7,347 total residential listings recorded across the Association region. The highest percentage increase in active listings was recorded in the South Okanagan with a total increase of 32.3% compared to the same month last year.  

“After a long supply drought, it is encouraging to see that inventory has slowly been creeping up the last few months. However, there is still a segment of the market that is not available to meet certain buyer’s needs due to the high cost of lending, in particular affordable housing,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “demand for affordable housing is at an all-time high.” 

The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw decreases in year-over-year comparisons for another consecutive month, with the highest percentage decrease for single-family homes recorded in the South Okanagan region; down 3.2% coming in at $783,600. The townhome and condominium housing categories saw increases in the Central Okanagan, North Okanagan and Shuswap regions, while the South Okanagan saw decreases in the benchmark price for townhomes and condominiums.  

“Competitively priced homes and those in the mid-range price points are moving at a more even pace than those that are priced at the higher end,” says Mann, adding “that the costs of carrying mortgages could impact sales activity as interest rate sensitive buyers can no longer afford what they could have a year or so ago.” 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops, and Kootenay regions, as well as the South Peace River region.  

Residential real estate activity in May showed signs of heading into a balanced market as inventory climbs, reports the Association of Interior REALTORS® (the Association).

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.

“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.”

“There seems to be a return of consumer confidence with the gap between buyers’ and seller’s expectations narrowing that has helped ramp up market activity after a muted first quarter,” notes Sharun.

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.  

“With a healthy dose of inventory, we are seeing more balanced market conditions after years of the pendulum mostly swinging in the direction of a sellers’ market,” adds Sharun.

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.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals.