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August 07, 2024 - 4:30 PM
There are 40% more properties on the market in the Central Okanagan than in July last year, although even with the increased inventory prices have barely dropped.
Statistics from the Association of Interior Realtors, released Aug. 6, show there were 1,000 more properties on the market in July than months earlier.
While the large amount of extra inventory clearly shows that properties aren't selling as quickly as they once were, prices in the Central Okanagan have only dropped by 4%.
The benchmark price for a single-family home in the Central Okanagan now sits at $1,025,200 down from $1,063,700 in July 2023.
There are also a lot more properties for sale in the North and South Okanagan with inventories up 33% and 37% respectively.
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Prices for a single-family home in the North Okanagan have dropped to $762,000 from $778,000 – a 2.4% drop, while the benchmark price in the Southern Okanagan is $770,100 – a drop of less than 1%.
In Kamloops inventory was up 33%, but again prices held steady with the city only seeing a single-family home drop by 2% to $658,400.
Owners of townhouses saw the biggest drop in prices in July with the price in the North Okanagan decreasing to $561,700 – a 7% drop. In the South Okanagan prices dropped to $524,600 – a 3% fall.
Townhouses in the Central Okanagan bucked that trend, with prices increasing slightly by 1.7% to $779,200.
The price of condos across the region was down in all markets but only by a few percent, with a condo in the Central Okanagan going for almost $500,000.
The realtors association said that "activity seems to be trending in a positive direction" with sales picking up following a "relatively calm" summer market start.
"This could likely be a benefit from recent rate cuts, which have made borrowing more affordable and sparked increased activity," association president Kaytee Sharun said in a media release.
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In June, several realtors across the Okanagan reported that the market was slow and they were running promos in an attempt to stir up demand.
"It is worth noting that properties that are not priced according to the current market climate often take longer to sell and can become stagnant. In a balanced real estate market, consumer confidence thrives when buyers and sellers alike feel assured in their decisions that prices reflect true market conditions," Sharun said.
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