More homes hitting the real estate market

Sep 8, 2022 | 6:30 AM

Sales were down, prices were up, and more homes are being put up for sale.

That sums up the Okanagan’s residential real estate market in August.

In the North Okanagan, 142 homes were sold last month, a decrease of 34 per cent from a year ago. The benchmark price for a single family home is up 8 per cent, to $739,000.

In the Central Okanagan, 394 residential units were sold, down 26 per cent. The benchmark price was $1,017,500, an increase of 3.6 per cent from August 2021.

A total of 1,205 residential unit sales were recorded across the Association of Interior Realtors region last month, an increase from 1,196 in July 2022, but 32.6 per cent below the number of units sold during the frenzied market of August 2021.

Crime Prevention

Vernon RCMP urges people to "lock out auto crime"

4h ago

UN Sustainable Development Goals

Destination Silver Star recognized for environmental, sustainability work

4h ago

Last seen Monday

Police asking for help locating missing man

8h ago

Image credit: Association of Interior Realtors

“After the unpredictable hot market through the majority of last year, it is nice to see some typical seasonal consumer behaviour returning as we head into this fall,” said association president Lyndi Cruickshank, adding “this is a welcomed optimistic sign for a potential return of a balanced market to come, sooner than anticipated.”

New residential listings saw a 4.2 per cent decrease within the region compared to August 2021 with 2,152 new listings recorded. The overall inventory saw a healthy increase of 61 per cent with 7,876 units currently on market compared to the same time last year.

“The market seems to have started turning the corner with respect to overall inventory levels. With an increase of properties available, this could bode well for sellers and buyers who have been sidelined for much of the year,” noted Cruickshank.

The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions saw increases in year-over-year comparisons across all home categories.

The most noticeable increase was in the North Okanagan for the second consecutive month, this time in the townhomes category. The benchmark price for townhomes in the North Okanagan increased to $559,700, or 29.2 per cent, compared to August 2021.