Big jump for Central Okanagan real estate listings, but sales still way down
Real estate sales in the Central Okanagan have started to pick up with the September to October increase in listings the largest in more than 20 years.
However, while nearly 60% more property sold last month than in October 2023 sales remain well below typical autumn levels.
Recently released numbers from Rennie Intelligence show that while sales jumped compared to this time last year they still remain below 10-year averages.
The report says it is a "clear sign" that buyers are taking advantage of lower interest rates and more inventory.
On Oct. 23 the Bank of Canada brought interest rates down again, with a 50-basis-point cut, twice the usual reduction which has been 25 basis points. The rate now sits at 3.75%.
It does appear to have made a difference with sales increasing 27% from September to October, which is contrary to the usual real estate patterns which on average see sales decline by 6% at this time of year.
Single-family home sales jumped the most increasing by 59% compared to the same month last year, while condo sales increased 19% and townhomes 10%.
While sales increased, the number of homes sold still sat about 20% lower across all housing types than the 10-year average.
The numbers show an uptick in activity after September had the quietest real estate months since 2012.
The surge in sales had little effect on prices in the detached and townhome market, with single-family homes seeing prices increase 0.7% to $964,000.
The median price for a townhome dropped 4% to $685,000 with condos seeing the biggest drop at 10%. The median price for a Central Okanagan condo is now $440,000.
While the price of a townhome was reduced on a yearly basis, on a month-over-month basis prices increased by 6% since September.
Housing inventory still remains high and there are almost 30% more townhomes and condos on the market than this time last year. There are 15% more single-family homes up for sale than in October 2023.
Compared to the 10-year average there are twice as many townhomes and condos up for sale than normal, and 40% more single-family homes.
This is the most amount of property on the market in more than a decade, with more properties being listed in October than there had been that month for 24 years.
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