Central Okanagan has quietest real estate month since 2012
In the Central Okanagan, there was half the number of single-family homes sold in September compared to the 10-year average.
A report from Rennie Intelligence paints a bleak picture of the Central Okanagan real estate market showing a 21% decline month-over-month which is far greater than the usual 7% drop in sales from August to September.
September was the quietest real estate month for sales since 2012.
However, there was a 14% increase in sales of townhomes in the Central Okanagan and condo sales stayed on par with September 2023.
According to a report from the Association of Interior Realtors, some areas did see growth with the Shuswap Revelstoke having a 20% increase in sales and in the North Okanagan sales increased by 7%.
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The Association of Interior Realtors says sales in the Central Okanagan were up less than half a percent.
"While active listings are trending upwards, September marked a seemingly sluggish month for sales activity despite anticipation of recent rate cuts potentially providing some relief to rate-sensitive buyers," Association of Interior Realtors president Kaytee Sharun said in a media release.
Kamloops saw the biggest dip with sales dropping 10% compared to September 2023.
Listings were up across the region with the North Okanagan seeing the smallest increase at 17% and the Shuswap-Revelstoke region seeing the largest at 41%.
The Central Okanagan has 34% more listings than this time last year and the South Okanagan has 32% more.
While there are plenty more single-family homes to choose from than there were in September 2023 prices have remained stubborn. Despite having much higher inventory numbers some areas have seen prices increase.
In the Shuswap-Revelstoke region prices for single-family homes increased 10% making the benchmark price $735,000. In the North Okanagan prices for single-family homes increased by five percent to $764,500, and in the Central Okanagan the price for a single-family home is $1,018,000 — a 0.6% increase.
The price of a townhome was up in the North Okanagan to $604,800, a 9% increase, while the Shuswap-Revelstoke region saw an 8%t increase in its townhomes taking them to $569,700.
While there are 30% more condos on the market now than this time last year, prices increased by about 5% in both the North and Central Okanagan.
A condo in the Central Okanagan will set you back $505,600 and in the North Okanagan $326,100.
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The South Okanagan saw the largest increase in condo inventory with 66% more units on the market than 12 months ago. That in turn seemed to have affected prices which dropped by 10% to $414,100.
The Association for Interior Realtors is hoping for a brighter future.
"Stimulus from recent policy changes, such as the potential for 30-year mortgage amortization and the increase in insured mortgage rate cap, could bolster real estate activity in the coming months," the media release says.
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