Southern Interior sees 40 per cent fewer homes for sale in January
Overall there were almost 40 per cent fewer homes for sale across the Southern Interior in January compared to the same month in 2021.
Recently released statistics from the Association of Interior Realtors show while prices have skyrocketed over the last 12 months, the availability of homes to buy has dropped by anywhere between 30 to 60 per cent.
"The persistent lack of inventory on market makes for challenging times for buyers and sellers," says the Association of Interior Realtors president Kim Heizmann said in a press release. "Not only are new buyers frustrated at finding a home, but sellers are frustrated at the lack of active supply hindering their ability to move on to a new property as well."
The realtor association says that listings remain at an all-time low.
While listings dropped roughly 40 per cent, the number of homes sold only dropped by 10 per cent.
In the Central Okanagan, there are 30 per cent fewer single-family homes on the market compared to Jan. 2021, and 53 per cent fewer townhouses and 48 per cent fewer condos up for sale.
In the North Okanagan, there are 50 per cent fewer single-family homes for sale compared to 2021, and 46 per cent fewer townhouses, and 59 per cent fewer condos.
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Across the region, there is a 38 per cent drop in the number of homes for sale, with 1,721 active listings compared to 2,787 in January 2022.
The number of homes put up for sale in January was also less than in January 2021, with 824 going on the market compared to 1,094 the year before.
The amount of time it takes to sell a property is also getting shorter.
And while inventory dwindles prices continue to rise.
The price for a single-family home in the Central Okanagan is up 36 per cent compared to January 2021 with the benchmark price now sitting at $1,037,500.
The benchmark price in the North Okanagan for a single-family home sits at $711,600. The same type of property in the Shuswap-Revelstoke area costs $638,200 and in the South Okanagan $699,000.
While townhouses are slightly cheaper, in the Central Okanagan they still cost $697,000 and in the North Okanagan $460,100. In the Shuswap/Revelstoke area a townhouse goes for $493,300, and in the South Okanagan $438,400.
Even a condo in the Central Okanagan will now set you back more than half a million dollars, at $515,700.
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