The number of active listings remain at an all time low for the Okanagan real estate market, according to a new report.
The Association of Interior Realtors (AIR) released statics for January showing a strong uptick in pricing but a lack of inventory.
“It is the same story that we have been telling over the past two years, more so in the last year. Our inventory levels are at record lows and I really don’t see that changing anytime soon,” said AIR vice-president, Lyndi Cruikshank.
According to AIR, inventory levels in the South Okanagan are down approximately 57 per cent from this time last year, which was already substantially lower than years prior.
“We have about 56 homes for sale in Penticton. It truly is a remarkable number to see in a market this big,” said Cruikshank.
The pandemic has played a large part in the decrease of active listings but there is also a high demand for new builds.
“We are not seeing our local governments being able to move fast enough to work with developers in order to see those homes that we need on the market,” said Cruikshank.
Although the number of active listings is at an all-time low, prices haven’t followed suit. Benchmark prices for homes continue to increase.
Single-family Homes:
- Central Okanagan: $1,037,500, up 36.4 per cent from last year
- North Okanagan: $711,600, up 30 per cent
- Shuswap/Revelstoke: $638,200, up 26.6 per cent
- South Okanagan: $699,000, up 43.5 per cent
Townhouses:
- Central Okanagan: $697,300, up 27.6 per cent from last year
- North Okanagan: $460,100, up 19.4 per cent
- Shuswap/Revelstoke: $493,300, up 21.5 per cent
- South Okanagan: $438,400, up 25.3 per cent
Condos / Apartments:
- Central Okanagan: $515,700, up 29.4 per cent from last year
- North Okanagan $326,500, up 31.5 per cent
- Shuswap/Revelstoke: $416,400, up 28.9 per cent
- South Okanagan: $387,300, up 26.9 per cent
“What we would typically see is when inventory decreases, we see prices increase and that is what we are experiencing really throughout the province but most notably in the Okanagan,” said Cruikshank.
Although there has been movement in the value of homes in the South Okanagan, prices are still lower than the Central and North Okanagan markets.
AIR says that real estate professionals will continue to support buyers and sellers in navigating the lack of inventory in residential real estate markets across the region.
“The best advice I can give anybody is to talk with a qualified professional. Sit down with your realtor and talk about how best to serve your needs,” said Cruikshank.
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