Okanagan Residential Real Estate Market Sees Record-high for Month of May

June 7, 2022

LYNDI CRUICKSHANK

KELOWNA – June 3rd, 2022. Residential real estate sales for the month of May suggests market activity on a path of normalizing in the region while demand still remains high, reports the Association of Interior Realtors (the Association).

A total of 1,687 residential unit sales were recorded across the Association region, marking a 24.9 per cent decrease compared to the frenzied number of units sold recorded in May last year.

“While the number of units sold seems like a drop when comparing it to the historically high activity experienced in May 2021, sales across the region really only slid down 1.2 per cent compared to last month,” says the Association of Interior Realtors President Lyndi Cruickshank, adding “at this time, that is a fairer comparison as it compares two normal months rather than comparing one month of unusual real estate movement with one that is within a normalized range. An apples to apples comparison, if you will.”

New residential listings are progressing as expected for the month of May with a 5.4 per cent uptick within the region with 3,166 new listings recorded compared to the same period last year, as well as an increase of 5.9 per cent over last month’s 2,990.

The overall active listings also saw a healthy increase with 5,943 listings currently on market, an increase of 27 per cent in year-over-year comparisons. In the South Peace River region, there was a total of 72 residential unit sales recorded in May, making it the highest recorded May for the region and the second highest of all time. There were 13 new listings coming onto market and a total of 222 active listings.

The average price for single-family homes saw an 8 per cent increase compared to May 2021, coming in at $286,089, while the average price for condominiums saw the greatest decrease in the same period with a 27 per cent drop.

“It is important for buyers and sellers alike to understand that sales are not the same thing as value. Specifically, in the South Peace River Region where the area is currently setting record highs in terms of sales, which is the number of homes sold,” says Cruikshank.

The average number of days to sell a home, always a good barometer to watch, increased from 39 days in April to 41 days in May. 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.

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