It appears that residential real-estate activity, like the weather, is beginning to heat up slowly.
The Association of Interior Realtors (AIR) released its monthly data set this week, and February showed a noticeable improvement in sales compared to January with 810 units being sold, up from 603 the month prior.
However, compared to year on year, February 2024 was slightly down 3.7 per cent to February 2023.
AIR noted that new residential listings are up 29.5 per cent from one year ago, with 2,328 new listings recorded last month.
“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,” said AIR president Chelsea Mann. “With more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing to jump in before the general real estate market spring rush.”
Below are February’s benchmark prices for homes throughout the Southern Interior.
Shuswap / Revelstoke
- Single-family home: $696,100
- Townhome: $532,000
- Condo/apartment: $422,900
North Okanagan
- Single-family home: $734,500
- Townhome: $558,700
- Condo/apartment: $340,700
Central Okanagan
- Single-family home: $1,009,100
- Townhome: $754,900
- Condo/apartment: $508,600
South Okanagan
- Single-family home: $691,400
- Townhome: $483,600
- Condo/apartment: $415,300
The association noted that one of its better benchmarks, the average number of days to sell a home, fell to 90 days from 94.
“With an influx of inventory, it would seem that we may be in a transitioning period of recovery heading towards more balanced market conditions,” said Mann, “which also comes as a relief to buyers looking for more options in their homebuying journeys.”
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