LYNDI CRUICKSHANK
KELOWNA – Residential real estate sales for the month of November in the region saw sales dip heading into the holiday season, reports the Association of Interior Realtors.
A total of 844 residential unit sales were recorded across the Association region in November representing a 48.4 per cent decrease in sales compared to the number of units sold during the hyperactive market of November 2021, with a decrease of 15.6 per cent compared to last month.
“Although the numbers seem far below what we have become accustomed to, comparing sales from this year to last year would be like comparing apples to oranges,” says the Association of Interior Realtors® President Lyndi Cruickshank, adding that “comparing to a typical seasonal pre-pandemic November would represent a more accurate comparison over the frenzied market over the last few years, which would show that we are currently not that far off from an average November.”
New residential listings saw a moderate decline of 4.6 per cent within the region compared to the same month last year with 1,357 new listings recorded. However, the overall inventory saw a healthy 85.3 per cent boost over the availability in November 2021 with 6,980 units currently on the market; providing more options to buyers.
“While it’s great to see that the number of active listings is higher than it has been for a long time, the market remains tight as new inventory seems to be flattening,” notes Cruickshank, adding “this is not unusual for this time of year as sellers hold off on listing while they are enjoying the holiday season.”
The benchmark price for single-family homes in the Central Okanagan, North Okanagan and South Okanagan regions all saw increases in year-over-year comparisons, with the exception of the Shuswap/Revelstoke area that saw a 4.4 per cent decrease in single-family benchmark prices. The benchmark price in all other housing categories saw minor to moderate increases compared to November 2022, with the highest percentage increase in the condominium category for the South Okanagan; up 16.4 per cent compared to November 2021, coming in at $422,800.
Within the Kamloops and District region, there were 130 residential unit sales recorded last month, down from the 144 recorded in October, with a decrease of 50 per cent compared to November 2021.
The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw an increase across all home categories in the Kamloops and District area compared to the November 2021, with the greatest increase occurring once again within the townhome category with a 16.9 per cent increase coming in at $540,500
There were 264 new listings added in November in the Kamloops and District region, which was a 5.6 per cent increase compared to the same time last year. Overall inventory, or active listings, saw a substantial 145.4 per cent boost compared to November 2021, coming in at 2,017.
The average number of days to sell a home, always a good barometer to watch, increased to 65 days compared to last month’s 64 days. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.