Buyers’ market builds in Okanagan real estate

image

Home prices rose in the South Okanagan but dipped in the Kelowna area last month compared to November 2023. 

The benchmark price for a single-family home in the South Okanagan rose almost five percent, to $767,000 but the comparable indicator for greater Kelowna indicated a decline of just under two percent, to $991,000.

There were 27 percent more active listings in the Kelowna area last month than in November 2022, further suggesting a swing to a buyer’s market. In the South Okanagan, the year-over-year change in active listings was an increase of nearly 39 per cent. 

Across the entire Southern Interior, home sales last month were down nearly six percent from November 2022.

“Seasonally, it’s not unusual for market activity to soften as we head into the December holidays,” Chelsea Mann, president of the Association of Interior Realtors, said in the group’s regular monthly release. 

“Buyers and sellers are still feeling frustrated and constrained by higher mortgage rates,” Mann said. “The cost of borrowing is creating a disconnect between what is currently achievable for buyers in terms of what they can afford versus what may be their desired expectations, which makes it challenging for some given the lack of affordable supply in many regions,” Mann said. 

It’s recently been taking 69 days for a home to sell in the Okanagan, down slightly from the association’s last update of 73 days. 

For condos and apartments, the benchmark price in greater Kelowna fell two percent last month, to $496,000, but rose five percent in the South Okanagan to $456,000.

Sign up to receive the best Underground art & real estate news in your inbox everyday.

We don’t spam! Read our privacy policy for more info.

This post was originally published on this site