In the Central Okanagan region, the residential real estate market experienced a slight slowdown preceding the holiday season, as reported by the Association of Interior REALTORS®. November 2023 saw 813 residential unit sales, reflecting a 5.9% decrease compared to the same period in 2022 and falling below October’s figures of 977 units sold. Despite this dip in sales, new residential listings in the region increased by 7% from November 2022, totaling 1,577 listings last month. Concurrently, the total number of active listings rose by 19.9% compared to November of the previous year, reaching 7,102 listings across the Association region.
Chelsea Mann, President of the Association, noted the typical seasonal softening of market activity leading into the December holidays. She highlighted that buyers and sellers in the Central Okanagan region continued to grapple with frustrations and constraints induced by persistently high mortgage rates. The disconnect between what buyers can afford due to interest rate pressures and their desired expectations was emphasized, especially in light of the limited availability of affordable properties in many regions.
The Central Okanagan region experienced a marginal decrease in single-family home benchmark pricing
Regarding property prices, the Central Okanagan region experienced a marginal decrease of 1.6% in single-family home benchmark prices, averaging $991,700. However, this decrease contrasts with other neighboring regions like the South Okanagan, North Okanagan, and Shuswap/Revelstoke, which all witnessed increases in single-family home benchmark prices. Additionally, benchmark prices for townhomes decreased across all regions, while condominium benchmark prices decreased in all areas except the South Okanagan in November 2023 compared to the same month the previous year.
The average number of days to sell a home in Central Okanagan decreased to 69 days compared to the previous month’s 73. It’s important to note that this average encompasses the entire Okanagan region and varies based on home type and subregion. As always, the Hilbert & Crick Real Estate Group is here to assist you with buying and selling advice. Get in touch with us to learn more today!