Local real estate listings rising to create more ‘balanced’ buyers-sellers market

Jun 5, 2024 | 4:00 PM

The North Okanagan saw a big jump in real estate listings in May, along with a slight increase in sales.

The Association of Interior Realtors (AIR) says there were 183 residential units sold during the month, an increase of 2.2 per cent from May 2023.

There were 397 new listings over the month, bumping the number of active listings to 1,062, a jump of 39.9 per cent compared to a year ago.

In the Central Okanagan, sales numbers cooled with 436 residential units sold, a drop of 21.2 per cent, while active listings rose 58 per cent.

Association of Interior Realtors image

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AIR president Kaytee Sharun said market activity in May was up around their coverage area, compared to in April, but it was slower in some areas than a year ago.

“It’s not surprising that this year’s May activity is lower than last year’s, considering the market was fairly heated a year ago. This is a pretty typical level of market activity that one would expect to see in the spring months,” Sharun commented.

The president said they are seeing what appears to be a return of consumer confidence with the gap between buyers’ and sellers’ expectations narrowing that has helped ramp up market activity after a slow first quarter.

New residential listings and active listings throughout the AIR area were up 15.8 and 43.2 per cent respectively compared to May 2023 with the highest percentage increase in active listings in the Central Okanagan at 58 per cent.

“With a healthy dose of inventory, we are seeing more balanced market conditions after years of the pendulum mostly swinging in the direction of a sellers’ market,” Sharun remarked.

The benchmark prices for single family homes stayed over one million dollars in the Central Okanagan ($1,015,700) which was down 3.8 per cent on a yearly basis. Townhouse and condo prices in the Kelowna area also decreased.

In the North Okanagan, the benchmark price for single family homes was $765,400, a decline of 1.9 per cent. Townhouse prices were up slightly while condos saw a slight drop (see image below for more details).