Residential real estate activity in November slowed as the market eases into the holiday season, reports the Association of Interior REALTORS® (the Association).
Sales
A total of 939 residential unit sales were recorded across the Association region in November, down from October’s 1,274 units, and down 5.1% compared to units sold in November last year.
Active Listings
New residential listings saw a 6.6% decrease compared to November 2024 with 1,490 new listings recorded last month. The total number of active listings saw a 0.3% increase in inventory compared to November 2024 with 7,909 recorded across the Association region. The highest percentage increase in active listings across the Association region was recorded for a second consecutive
month in the North Okanagan with a total increase of 10.9% compared to the same month last year.
“It’s common for real estate activity to ease as the holiday season nears, but November tapped the brakes a little harder than usual,”says Association of Interior REALTORS® President Kadin Rainville, adding that “that seems to be the theme across the province.”
“With many buyers and sellers focused on seasonal plans, the market continues to move, but at more of a casual stroll rather than its typical seasonal pace. However, buyers and sellers remain engaged with relatively healthy inventory levels that will provide a strong foundation heading into the new year,” notes Rainville.
Benchmark Price
In the Okanagan and Shuswap/Revelstoke regions, the benchmark price for single-family homes saw decreases last month in all sub-regions in year-over-year comparisons with the exception of the South Okanagan, which saw an increase of 5.5%, coming in at $755,600. The townhome housing category recorded South Okanagan being the only region that saw an increase of 6.0% compared to the same time last year, coming in at $521,900. The benchmark pricing in the condominium housing category saw increases in all sub-regions compared to November 2024, with the highest increase of 4.6% recorded in the Shuswap/Revelstoke region, coming in at $430,300.
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 your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
