The Okanagan’s housing market has cooled significantly since last year but according to March statistics, this spring is warming things up.
The Association of Interior Realtors said there have been 1,207 residential unit sales recorded across the Okanagan in March representing a 37.2 per cent decrease in sales compared to the same month last year. But, when compared to February’s 831 unit sales, it’s an improvement.
“The upwards movement in sales activity compared to the previous month is showing signs that market activity is on its way to recovering from the previous month’s slump, while still maintaining healthy market activity,” the Association of Interior Realtors president Lyndi Cruickshank said.
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.
The benchmark for single-family homes in the Central Okanagan region came in at $1,001,500, a decrease of 14.3 per cent from the same time last year.
In the North Okanagan, the benchmark price fell 9.2 per cent year over year, to $728,000. In the Shuswap and Revelstoke area, the benchmark price fell 8.5 per cent to $684,000 and the benchmark price for single-family homes in the South Okanagan dropped 11 per cent, to 698,100.
The townhome and condominium categories all saw decrease across the various sub-areas in the benchmark price with the exception of townhomes in the North Okanagan, which saw a 9.2 per cent increase compared to March 2022.
While the number of sales and the benchmark price saw a downward slide, compared to last year all markets saw a boost in the number of days homes were staying on the market and the amount of inventory.
In the Central Okanagan, for example, it’s now taking 55 days on average for a home to sell, which is an increase of 146 per cent from the same time last year. New listings are also up 77.8 per cent from the same time last year, in the same market.
“This is the highest volume of new listings we’ve had for some time now, indicating that we are heading in a positive direction,” Cruickshank said.
“While we’re not out of the woods yet, this will help provide more options to buyers and sellers.”
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