The Okanagan’s residential real estate market sales activity tapered off slightly during the month of July, according to the Association of Interior Realtors.
1,337 residential unit sales were recorded across the Association region last month, a 9.5-per cent jump in sales from this time last year. However, that’s a drop from June of 2023, when the region saw 1,656 units sold.
“Seasonally, it is characteristic to see sales activity cool during the hot summer months, which, given the slight dip from activity in June, isn’t surprising,” says Association of Interior Realtors President Chelsea Mann.
“It is promising to see some typical market activity, despite high interest rate hikes creating a challenging climate for buyers and sellers.”
There was a small 2.3-per cent increase recorded in new residential listings compared to last year. The total number of active listings increased by 12.7 per cent compared to July 2022. The South Okanagan saw the highest percentage increase in active listings for yet another consecutive month with a total increase of 36.8 per cent.
The North Okanagan, South Okanagan and Shuswap/Revelstoke regions saw single-family homes decrease in year-over-year comparisons. The Central Okanagan saw a small increase of 0.9 per cent to $1,063,700. The North Okanagan and Shuswap saw townhome and condo increases, while the Central and South Okanagan saw decreases.
“While inventory is gaining momentum, low supply is still an issue and a primary factor driving price growth,” said Mann.
“With consumers feeling pinched by high mortgage rates, some buyers have gravitated towards eyeing other geographical regions with more affordable options,” says Mann.
“It is important to consult a local real estate professional who works and lives in your desired community to help navigate any regional specific market conditions.”