Local Residential Real Estate Activity Down as Listings Rise

KELOWNA, B.C. – October 3rd, 2024. 

Residential real estate sales in September saw lower than anticipated activity despite a healthy stock of active inventory, reports the Association of Interior REALTORS® (the Association). A total of 1,025 residential unit sales were recorded across the Association region in September coming in below August’s 1,165 units and almost on par with September 2023’s units sold with a 0.3% increase.

New residential listings saw a decrease of 6.7% compared to September 2023 with 2,370 new listings recorded last month. The total number of active listings saw 27.1% boost of total inventory compared to September 2023 with 9,972 recorded across the Association region. The highest percentage increase in active listings across the Association region was in the Shuswap/Revelstoke region with a total increase of 41.2% compared to September 2023. “While active listings are trending upwards, September marked a seemingly sluggish month for sales activity despite anticipation of recent rate cuts potentially providing some relief to rate-sensitive buyers,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “stimulus from recent policy changes, such as the potential for 30-year mortgage amortization and the increase in insured mortgage rate cap, could bolster real estate activity in the coming months.”

The benchmark price for single-family homes in September saw increases in the Shuswap/Revelstoke, Central and North Okanagan regions in year-over-year comparisons, while the South Okanagan region saw a decrease of 2.5%. Benchmark pricing in the townhome housing category saw decreases in the Central and South Okanagan compared to the same month last year while the Shuswap/Revelstoke and North Okanagan saw increases of 8% and 8.5%, coming in at $569,700 and $604,800. In the condominium housing category, all regions saw increases in the benchmark price for September 2024 compared to the same month last year with the exception of the South Okanagan that saw a decrease of 9.8%.

“There may still be some disconnect between buyers’ and sellers’ expectations, with sellers potentially holding out for a higher payoff while buyers are continuing to take a more cautious approach, which could potentially be contributing to slower decision-making in the market in the region,” notes Sharun.