LYNDI CRUICKSHANK
KELOWNA – The Association of Interior Realtors reports show that 2022 ended with lower sales activity in December.
A total of 572 residential unit sales were recorded across the Association region in December representing a 42.8 per cent decrease in sales compared to the number of units sold during the unusually strong market of December 2021.
“After a very strong first half of 2022, we began to see market activity moderate amid consistently rising interest rates imposed by the Bank of Canada,” says the Association of Interior Realtors President Lyndi Cruickshank, adding that “although inventory levels remain tight, the high interest rates will continue to subdue market activity in the coming months.”
New residential listings saw a decline of 20.7 per cent within the region compared to December 2021 with 651 new listings recorded. However, the overall inventory saw a 93.5 per cent spike with 6,001 units currently on the market at the close of December 2022.
“Looking to 2023, we anticipate inventory will continue to accumulate, as compared to recent years, with all signs pointing to more balanced conditions with buyers and sellers benefitting equally,” notes Cruickshank, adding “real estate professionals will continue to support buyers and sellers as they navigate the real estate markets across the region.”
The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw moderate decreases in year-over-year comparisons. The benchmark price in all other housing categories saw minor to moderate increases compared to December 2021, with the highest percentage increase in the townhouse category for the North Okanagan; up 13.8 per cent compared to December 2021, coming in at $574,400.
The average number of days to sell a home, always a good barometer to watch, increased to 75 days compared to last month’s 65 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.
DECEMBER 2022 RESIDENTIAL SALES SUMMARY
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