2024 worst year for Central Okanagan real estate sales in 12 years
Last year was the worst year for real estate sales in the Central Okanagan for more than a dozen years.
While sales in December picked up considerably year-over-year, overall the region saw the lowest number of sales since 2012.
Real estate markets across the Okanagan and Kamloops saw significant gains in December with sales in most markets and housing types increasing by around 30% compared to December 2023, according to figures released by the Association of Interior Realtors.
However, overall sales for the year in the Central Okanagan were the lowest since 2012.
According to the real estate report Rennie Advance, there were 3,566 sales across the Central Okanagan in 2024, 5% fewer than in 2023 and 29% less than the past decade's average.
However, sales did pick up in the final quarter of 2024 and December saw a big jump in sales for all housing types across the Okanagan and Kamloops, with one exception.
Sales of single-family homes in the North Okanagan declined by 2% in December, an anomaly across the region.
Single-family home sales increased by 41% in Central Okanagan and 37% in Kamloops. The South Okanagan saw single-family home sales increase by 18%.
Condo and townhome sales also saw a big increase in sales in the Central Okanagan by 38% and 54% respectively. In Kamloops condo and townhome sales increased by 25% and 58% respectively.
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While single-family home sales stagnated in the North Okanagan, townhouse sales increased 250%, and condos were up 200%.
Prices held steady across the region with single-family homes in the Central, South and North Okanagan increasing by around 5%.
The benchmark price for a single-family home in the Central Okanagan is now $1,023,700, in the North Okanagan $756,800, and in the South Okanagan $$760,100.
The price of a single-family home in Kamloops remained the same sitting at $648,100.
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