Big upsurge in Okanagan, Kamloops real estate listings, but prices stay stubborn
Despite a huge surge in real estate listings compared to this time last year prices in the Central Okanagan only dropped a touch, and in some regions actually increased.
New data from the Association of Interior Realtors shows there was a 41% increase in real estate listings last month compared to August 2023, but prices for single-family homes in the Central Okanagan only dropped 5%.
The benchmark price for a single-family home in the Central Okanagan is now $1,018,100.
Sales increased in the South Okanagan by 13%, but prices still went down, albeit by 8%. A single-family home in the South Okanagan will now set you back $719,700.
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The North Okanagan bucked the trend with 23% more single-family homes being sold in August than the same month last year. The price also increased, but just by 1%. The benchmark price for a single-family home in the North Okanagan is now $773,000.
"Sales activity was trending upwards towards the end of July yet tapered off in August, more so than the usual seasonal slowdown," realtors association president Kaytee Sharun said in a media release issued, Sept. 6. "Demand doesn’t seem to be translating into sales despite recent interest rate cuts, indicating that there could be various other factors impacting market activity or some sellers were merely holding out for the latest Bank of Canada rate cuts."
Numbers released by real estate firm the Rennie Advance said it was the slowest August for sales since 2011.
In Kamloops, sales of single-family homes were down by 17% compared to August 2023 and inventory was up by 22%.
However, prices didn't budge much and only saw a drop of 1.6% bringing the benchmark price of a single-family home in the area to $664,300.
Sales of townhouses in Kamloops were down almost 30%, but prices only dropped 2%, making the benchmark price for a townhouse $528,800.
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Prices of condos in Kamloops dropped by 3% but sales increased by 8%. There were 30% more condos on the market in August than the same month last year.
The number of condos on the market increased significantly across the Okanagan and the Shuswap.
The South Okanagan saw the biggest increase of condos for sale with 70% more inventory now on the market than in August 2023. The North Okanagan saw a 63% increase and the Central Okanagan 49. In Kamloops, there were 30% more condos on the market than in August 2023.
The Shuswap Revelstoke area saw a 120% increase in condos for sale but has a fraction of the number listed elsewhere.
As the inventory of condos listed grew substantially, prices dipped between 3% and 5% across the region.
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