Reported by The Association of Interior REALTORS®

Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region continues to see inventory shortage heading into final month of the year, reports the Association of Interior REALTORS®.


Residential sales for the entire Association region decreased 10% over the same month last year, clocking in at 1,063 residential sales in November. This was also less than October’s 1,115 sales.


“It is typical as we approach the holiday season to see residential sales slowdown within the real estate market,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the lack of homes available for purchase is certainly adding to the slowdown.”


The inventory, or supply of active residential listings was down 39% across the Association region compared to the 3,574 active listings during November 2020, while the 916 new listings for November came in at 10% lower than last year November’s units.


“As we have seen, there has been a persistent drought of inventory in the market all year as new listings are just not coming on to market quick enough to meet demand,” says Heizmann.


The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions have been consistent with double-digit percentage increases in year-over-year comparisons in all home categories.


In the South Peace River Region, where benchmark pricing is not available, the average price across all property types increased compared to the same time last year.


Contact Eric or Dulcie at Central Okanagan Homes to find out more about the real estate market and how we can help you achieve your real estate goals.

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KELOWNA, B.C. – June 3rd, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region is showing signs of calming after months of record highs, reports the Association of Interior REALTORS®.
 
Residential sales for the month of May for the entire Association region totalled 1,482, down from April’s 1,719 sales. The same area also saw significant percentage increase in year-over-year comparisons, however that is still in comparison to the worst months of the pandemic.
 
“There is a slight reduction in pressure that is creating a calming effect for a healthier market for both buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing an easing up on the gas pedal that has been going above the speed limit, to now moving within a reasonable pace.”
“While the market may be slowing down from an all-time record, it does not mean the market has softened, it means the buyer frenzy has calmed down slightly,” says Heizmann.
 
The supply of active residential listings dropped slightly from April’s 2,818 to 2,554 current listings across the Association region.
 
The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions once again saw double-digit percentage increases in year-over-year comparisons in all home categories categories.
 
In the South Okanagan, where benchmark pricing is currently not available, average sales prices were also up year-over-year in all home categories with single-family homes seeing the highest percentage increase of 42%. The average sale prices for single-family homes in the South Peace River increased 12% in comparison to May 2020 average price, but saw no sales in the condo category.
 
Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
 
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With low inventory of listings and record low interest rates, the Central Okanagan real estate market is experiencing increases in number of sales and benchmark prices.  Now is a great time to sell your home.  Not sure what it is worth?  Call me or visit https://private-office.myrealpage.com/w/w=dulcie-sharpe.myrealpagewebsite.com/home-evaluation.html.
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