Okanagan Real Estate Market Overview April 2024

Okanagan Real Estate Market Overview April 2024
DATE
May 10, 2024
READING TIME
time

Okanagan Real Estate Market Overview April 2024

The Okanagan real estate market continued to evolve in April 2024, showcasing both increased activity and signs of a potential shift. This update dives into the key trends for Central Okanagan and North Okanagan, providing valuable insights for buyers, sellers, and investors.

Central Okanagan

In Central Okanagan, more people are putting their houses on the market. This increase in listings suggests that homeowners are eager to sell, but the market is slightly slowing down as not as many homes are being sold compared to last year. In April, there were 1,280 new listings, while total units sold were 447 and total sales amounted to $351,899,950

Summary

  • New Listings: A significant rise in new listings (35.16%) indicates more homeowners are entering the market.
  • Sales Dip Slightly: Unit sales saw a modest decrease (2.19%), suggesting a slight cooling down.
  • Stable Sales Volume: Despite fewer sales, the overall sales volume remained relatively unchanged.
  • Extended Days on Market: Properties are taking longer to sell, averaging 59 days.
  • Inventory on the Rise: Active listings increased by 44.94%, creating a buyer's market with more options.

Key Highlights by Property Type

  • Residential: Solid demand with average prices reaching $1,026,478.
  • Condos & Apartments: Consistent interest with an average sale price of $511,379.
  • Townhouses: Selling well at an average of $717,629.
  • Lots: While less active, lots remain valuable investments with an average price of $819,545.

North Okanagan

In North Okanagan, there's also been a rise in listings. However, sales are cooling off even more than in Central Okanagan, with fewer homes selling compared to last year. In April, there were 471 new listings, while total units sold were 164 and total sales amounted to $114,427,522.

Summary

  • Listings Rise: Similar to Central Okanagan, new listings increased by 33.05%.
  • Sales Slide More: Sales activity witnessed a steeper decline (2.38%) compared to Central Okanagan.
  • Sales Volume Drops Slightly: The total sales volume dipped slightly in North Okanagan.
  • Longest Days on Market: Homes are taking the longest to sell here, averaging around 83 days.
  • Ample Inventory: Similar to Central Okanagan, active listings are up (36.49%), providing buyers with more choices.

Key Highlights by Property Type

  • Residential: Healthy demand with an average price of $751,628.
  • Condos & Apartments: Modest sales activity with an average price of $445,812.
  • Townhouses: Townhouse sales performed well at an average of $503,266.
  • Lots: Similar to Central Okanagan, the lot market is less active but commands high prices, averaging $426,818.

What Does This Mean for You?

  • Buyers: The abundance of listings across the Okanagan translates to more options and potentially better deals due to increased seller competition.
  • Sellers: Be prepared for a potentially longer selling time or consider adjusting pricing strategies in this evolving market.
  • Investors: This might be an opportune moment to find good buys, especially in areas with slower sales, as increased supply could lead to lower prices.

The Okanagan real estate market remains active, but April 2024 suggests a potential shift favoring buyers. Staying informed about these trends is crucial for making informed decisions, whether you're buying, selling, or investing in this dynamic market.

Source: Association of Interior REALTORS®

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