Central Okanagan housing sales in April lowest in 12 years
More people in the Central Okanagan put their homes on the market last month than any April in more than 25 years, while sales slumped to their lowest level — outside of the onset of the COVID-19 pandemic — since 2013.
Statistics released by the Rennie Advance real estate report said sales in April were down six per cent from last year and more than 25% below the 10-year average for April.
In the Central Okanagan, inventory is 24% higher than the 10-year average.
In April, 1,096 Central Okanagan properties went on the market, the highest number of new listings in 26 years of available data.
The increase in new listings was the highest in the condo market, which had a 41% jump, and in the townhome market which was up 20%. The number of single-family homes on the market in the Central Okanagan remained virtually unchanged.
While inventory skyrocketed and sales slumped, prices remained much the same. The Rennie report said single-family homes dropped by 3% and condos by 7%, while townhomes remained the same.
The Association of Interior Realtors paints a slightly more optimistic picture noting that sales across the Central Okanagan were up by 0.6%, and inventory by 12%.
"While demand in the market remains strong, ongoing economic uncertainty, exacerbated by tariffs, may have tempered typical seasonal sales momentum," Association of Interior Realtors president Kadin Rainville said in a media release. "Some potential buyers could be waiting on the sidelines for clearer signals on the economic outlook before acting on their intentions."
The Association of Interior Realtors now puts the benchmark price of a single-family home in the Central Okanagan at $1,034,800 – a 2% increase from this time last year.
In the North Okanagan, single-family home prices were up 1% to $764,900 and in the South Okanagan they were up 3% to $788,800.
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In Kamloops, prices were up 2% to $670,900 for a single-family home.
The price of a townhome in the Central Okanagan remained unchanged at $597,800, while the North Okanagan saw a 10% increase to $597,800. Townhomes prices dipped by 5% in the South Okanagan to $500,900.
The price of a Kamloops townhome dipped by 4% to $516,600.
While Central Okanagan condo inventory skyrocketed, prices held steady increasing by 2% to $513,100. In the North Okanagan, condo prices increased by 1% to $326,400 as inventory dipped by 6%.
In the South Okanagan, condo inventory increased by 40% but prices only dipped by 1% to $437,900.
A condo in Kamloops now goes for $378,700 – a 2% increase.
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