The Association of Interior Realtors in British Columbia’s Okanagan region reported that the housing market is showing positive signs of growth. In July, residential real estate sales remained steady, with a total of 1,351 units sold, a slight decrease of 1.2% compared to the same month last year. However, new residential listings increased by 4.1% from the previous year, with 2,843 new listings hitting the market. The number of active listings also saw a significant increase of 31.5% compared to the previous year, with a total of 10,207 properties for sale.
President of the Association of Interior Realtors, Kaytee Sharun, stated that real estate activity appears to be heading in a positive direction, with new listings surpassing the average and sales ramping up after a relatively slow start to the summer market. Benchmark prices for single-family homes in the Shuswap, South, and North Okanagan regions experienced a slight decrease, with an average price of $750,000. Townhouses also saw a decrease in prices, dropping by an average of 5% to $535,000. Sharun emphasized the importance of a balanced real estate market, where consumer confidence is bolstered by prices that accurately reflect market conditions.
Overall, the housing market in B.C.’s Okanagan region is showing signs of improvement, with both new listings and sales indicating positive trends. Despite a slight decrease in the number of residential sales compared to the previous year, the increase in new listings and active listings suggests a healthy and active market. Benchmark prices for single-family homes and townhouses also experienced slight declines, which can be attributed to a balanced market where prices reflect true market conditions, according to President Kaytee Sharun.
The Association of Interior Realtors’ report highlights the resilience of the housing market in the Okanagan region, with continued interest from both buyers and sellers. The increase in new listings and active listings indicates a growing level of activity and interest in the market, with sales starting to pick up after a slower start to the summer season. The slight decrease in benchmark prices for single-family homes and townhouses suggests that the market is maintaining a healthy balance, with prices aligning with market conditions to instill confidence in buyers and sellers alike.
As the housing market in B.C.’s Okanagan region continues to show positive trends, it is evident that confidence is growing among both buyers and sellers. The increase in new listings, active listings, and total sales indicates a market that is picking up momentum and heading in the right direction. With benchmark prices for single-family homes and townhouses slightly decreasing, the market is maintaining a balanced state that encourages transparency and confidence in decision-making for both buyers and sellers. President Kaytee Sharun’s remarks emphasize the importance of a balanced real estate market where prices accurately reflect true market conditions to ensure consumer confidence and satisfaction.
