Okanagan’s 2023 real estate market in a ‘better spot’ than last year | 24CA News
The Okanagan actual property market is now in a greater spot than it was this time final yr, in line with a brand new report.
The Association of Interior Realtors (AIR) launched statics for June displaying a robust uptick within the variety of lively listings and a small drop in pricing.
“I think our market is actually doing really well,” mentioned AIR vice-president Lyndi Cruikshank.
“I know that there’s certainly a lot of uncertainty right now with the interest rates rising and expected to go up again. But when we look at our overall numbers over last year, I think we’re sitting in a pretty good spot.”
The variety of lively listings in 2022 reached an all-time low, however these numbers have circled.
According to AIR, the whole variety of lively listings noticed a rise of 13.8 per cent of complete stock in comparison with June final yr. The South Okanagan recorded the best proportion improve in lively listings at 32.3 per cent in comparison with the identical month final yr.
“If you go back a year ago, one of the greatest struggles we had was this lack of inventory that there was on the market, and it affected people that were actively looking at purchasing in the market, but it also affected people’s ability to have confidence in putting their home on the market,” mentioned Cruikshank.
“There’s definitely less people looking for homes right now and there are more homes on the market so it’s what I would call a more balanced market which is really nice to see.”
Meanwhile, costs fell throughout the Okanagan for single-family houses whereas the common value for townhomes, flats and condos fell simply within the South Okanagan.
“If you look at what those percentages are, they’re actually really small percentages,” mentioned Cruikshank.
“You might see an arrow up versus an arrow down, but it might be one or two or three per cent. So, we have some pretty consistent pricing happening throughout the Okanagan.”
Single-family Homes:
- Central Okanagan: $1,063,800, down 3.1 per cent from final yr
- North Okanagan: $785,800, down 0.4 per cent
- Shuswap/Revelstoke: $718,500, down 1.0 per cent
- South Okanagan: $783,600, down 3.2 per cent
Townhouses:
- Central Okanagan: $785,900, up 0.5 per cent from final yr
- North Okanagan: $600,400, up 1.8 per cent
- Shuswap/Revelstoke: $576,200, up 2.6 per cent
- South Okanagan: $553,800, down 6.6 per cent
Condos / Apartments:
- Central Okanagan: $533,100, up 0.9 per cent from final yr
- North Okanagan: $354,100, up 2.7 per cent
- Shuswap/Revelstoke: $446,600, up 3.5 per cent
- South Okanagan: $437,700, down 3.1 per cent
AIR says that actual property professionals will proceed to help consumers and sellers in navigating markets throughout the area.
“I think it’s always a great time for people to consider making a move when it’s the right time for them to do so and certainly getting your home on the market now, is a lovely time,” mentioned Cruikshank.
“My recommendation to everyone always is that if you’re thinking about buying or selling reach out to your trusted real estate professional and let them help you and make the decisions that are best for you.”
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