According to the Association of Interior Realtors, the housing market in B.C.’s Okanagan is looking up.
The association reported that residential real estate sales remained steady throughout July as new listings hit the market. Across the association’s region, 1,351 residential sales were recorded. That was 1.2 per cent below the number of units sold in the same month last year.
New residential listings rose 4.1 per cent compared to July 2023 with 2,843 new listings recorded last month. The number of active listings also increased, up 31.5 per cent compared to last year with 10,207 total properties for sale.
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“Real estate activity seems to be trending in a positive direction, with new listings slightly above average and sales picking up after a relatively calm summer market start,” said Kaytee Sharun, president of the Association of Interior Realtors.
Benchmark prices for single-family homes were down slightly in the Shuswap, South and North Okanagan regions with an average price of $750,000. The average price of townhouses also dropped an average of 5 per cent with an average price of $535,000.
“In a balanced real estate market, consumer confidence thrives when buyers and sellers alike feel assured in their decisions that prices reflect true market conditions,” added Sharun.