North Okanagan’s housing prices and listings rise while sales fall

Mar 6, 2024 | 6:00 AM

The North Okanagan saw some fluctuations in the housing market in February.

A report from the Association of Interior Realtors (AIR) said there were 94 housing units sold in the North Okanagan last month, down 1.1 per cent from the same month the year before.

Those sales were part of 810 recorded in the entire Interior in February, which was up from the 603 units sold in January, though down 3.7 per cent compared to sales in February of 2023.

The benchmark prices for housing units in the North Okanagan mostly rose on an annual basis in February.

The association stated the price for a single-family home was $734,500, while the price for a condominium or apartment was $340,700. Those prices were up 1.8 and 4.2 per cent, respectively, when compared to the same month in 2023.

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The benchmark price for townhouses in the North Okanagan declined 3.9 per cent annually to $558,700 in February.

Further data from AIR showed there were 214 new listings in the North Okanagan this past February, bringing the number of active listings for the area up to 673. Those were part of the 2,328 new listings and 6,567 active listings in the entire Interior during the month in question.

“It is refreshing to see overall market activity starting to pick up ahead of spring which is typically a busier season for real estate transactions,” Chelsea Mann, president of the Association of Interior Realtors, said.

“With more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing-up to jump in before the general real estate market spring rush.”

The association noted that benchmark prices for single-family and condos and apartments rose in all areas of the Interior in February, with the exception of the South Okanagan, where the largest uptick of new listings was recorded.

It was noted benchmark prices for townhomes declined across the region.

“With an influx of inventory, it would seem that we may be in a transitioning period of recovery heading towards more balanced market conditions, which also comes as a relief to buyers looking for more options in their home buying journeys,” Mann said.

The average number of days to sell a home in the Interior fell from 94 in January to 90 in February.

by Liam Verster

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