A total of 1,205 residential unit sales were recorded across the Association region last month, an increase from 1,196 recorded in July 2022, but 32.6% below the number of units sold during the frenzied market of August 2021.
“After the unpredictable hot market through the majority of last year, it is nice to see some typical seasonal consumer behaviour returning as we head into this Fall,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding “this is a welcomed optimistic sign for a potential return of a balanced market to come, sooner than anticipated.”
New residential listings saw a 4.2% decrease within the region compared to August 2021 with 2,152 new listings recorded. The overall inventory saw a healthy increase of 61% with 7,876 units currently on market compared to the same time last year.
“The market seems to have started turning the corner with respect to overall inventory levels. With an increase of properties available, this could bode well for sellers and buyers who have been sidelined for much of the year,” notes Cruickshank.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions saw increases in year-over-year comparisons across all home categories with the most noticeable increase seen in the North Okanagan for the second consecutive month, this time in the townhomes category.
The benchmark price for townhomes in the North Okanagan increased to $559,700, or 29.2%, compared to August 2021.
The average number of days to sell a home, always a good barometer to watch, increased from 54 days in July to 57 days in August. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.