Local Residential Real Estate Market Inventory on the Rise

Residential real estate market activity is heating up heading into the typically bustling spring and summer market, reports the Association of Interior REALTORS® (the Association). 

February Sales

A total of 810 residential unit sales were recorded across the Association region in February coming in above January’s 603 units sold, yet down a moderate 3.7% in sales compared to February 2023. 

February Listings

New residential listings saw a healthy uptick of 29.5% compared to February 2023 with 2,328 new listings recorded last month. The total number of active listings saw an increase of 26% of total inventory compared to February 2023 with 6,567 recorded across the Association region. 

The highest percentage increase in active listings continues in the South Okanagan with a total increase of 43.3% compared to February 2023. 

“It is refreshing to see overall market activity starting to pick up ahead of spring which is typically a busier season for real estate transactions,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “with more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing to jump in before the general real estate market spring rush.” 

“With an influx of inventory, it would seem that we may be in a transitioning period of recovery heading towards more balanced market conditions, which also comes as a relief to buyers looking for more options in their homebuying journeys,” says Mann. 

Benchmark price

The benchmark price for single-family homes saw increases in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions in year-over-year comparisons, while the South Okanagan region saw a decrease of 3.3%. Benchmark pricing in the townhome housing category saw decreases across all regions compared to February 2023 with the highest decrease of 12.4% in benchmark pricing seen in the South Okanagan coming in at $483,600. 

In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for February 2024 compared to the same month last year. 

Days On Market

The average number of days to sell a home, always a good barometer to watch, decreased to 90 days compared to January’s 94 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.

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 our Team at Jared Franczak & Associates, your local Award Winning REALTORS®,  to find out more about the real estate market and how they can help you achieve your real estate goals.