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Local Residential Real Estate Activity Busier than Seasonally Expected
KELOWNA, B.C. – December 4th, 2024.
Residential real estate sales in November saw higher than seasonally anticipated activity in spite of a tapering off towards the end of the month, reports the Association of Interior REALTORS® (the Association).
A total of 994 residential unit sales were recorded across the Association region in November, coming in below October’s 1,219 units and up 19.9% compared to November 2023’s units sold.
New residential listings saw a decrease of 2.5% compared to November 2023 with 1,573 new listings recorded last month. The total number of active listings saw an 11% increase of total inventory compared to November 2023 with 7,884 recorded across the Association region. The highest percentage increase in active listings across the Association region was in the Kootenay region with a total increase of 18.8% compared to November 2023.
“While real estate market activity typically slows as temperatures drop, the market seems to have held on to some of the recovery seen in the fall with a healthy degree of sales above that of last year November,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “the welcomed interest rate cuts of recent months may have helped spur a more optimistic outlook throughout the region, which may have contributed to busier than usual activity for this time of year.”
The benchmark price for single-family homes in November 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 7.7%. 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 11.1% and 12.6%, coming in at $578,500 and $621,900. In the condominium housing category, all regions saw decreases in the benchmark price for November 2024 compared to the same month last year with the highest decrease of 8.6% seen in the South Okanagan region, coming in at $424,800.
“As consumer confidence appears to be gradually rebounding, pricing properties according to current market conditions will be crucial for real estate activity to maintain its current momentum as we head into the new year,” notes Sharun.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops and Kootenay regions, as well as the South Peace River region.
The Association of Interior REALTORS® was formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board. The Association has since also amalgamated with the Kamloops & District Real Estate Association and the Kootenay Association of REALTORS®.
Kamloops Residential Real Estate Activity Seasonally Strong for November
KAMLOOPS, B.C. – December 4th, 2024.
A total of 994 residential unit sales were recorded across the Association region in November, coming in below October’s 1,219 units and up 19.9% compared to November 2023’s units sold.
New residential listings saw a decrease of 2.5% compared to November 2023 with 1,573 new listings recorded last month. The total number of active listings saw an 11% increase of total inventory compared to November 2023 with 7,884 recorded across the Association region. The highest percentage increase in active listings across the Association region was in the Kootenay region with a total increase of 18.8% compared to November 2023.
“While real estate market activity typically slows as temperatures drop, the market seems to have held on to some of the recovery seen in the fall with a healthy degree of sales above that of last year November,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “the welcomed interest rate cuts of recent months may have helped spur a more optimistic outlook throughout the region, which may have contributed to busier than usual activity for this time of year.”
Within the Kamloops and District region, there were 177 residential unit sales recorded last month, down from the 217 recorded in October yet up 6.0% compared to November 2023’s unit sales.
There were 268 new listings recorded in November in the Kamloops and District region, which was an increase of 5.9% compared to November 2023 and below October’s 333 new listings. Overall inventory, or active listings, saw an increase of 5.4% compared to November 2023, coming in at 1,120 listings.
“The Kamloops and District real estate market showed strong sales activity last month despite November typically exhibiting a deceleration as the holiday season approaches,” says Sharun adding “that while inventory is trending in the right direction it is still lagging in the region as demand seems to outpace the accumulation of inventory.”
The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw percentage decreases in the single-family and condominium housing categories compared to November 2023, coming in at $655,600 and $365,600 respectively. The benchmark price for townhomes saw an increase of 1.1% in year-over-year comparisons, coming in at $529,500.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops and Kootenay regions, as well as the South Peace River region.
The Association of Interior REALTORS® was formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board. The Association has since also amalgamated with the Kamloops & District Real Estate Association and the Kootenay Association of REALTORS®.
Kootenay Residential Real Estate Market Activity Up in November
NELSON, B.C. – December 4th, 2024.
Residential real estate sales in November saw higher than seasonally anticipated activity in spite of a tapering off towards the end of the month, reports the Association of Interior REALTORS® (the Association).
A total of 994 residential unit sales were recorded across the Association region in November, coming in below October’s 1,219 units and up 19.9% compared to November 2023’s units sold.
New residential listings saw a decrease of 2.5% compared to November 2023 with 1,573 new listings recorded last month. The total number of active listings saw an 11% increase of total inventory compared to November 2023 with 7,884 recorded across the Association region. The highest percentage increase in active listings across the Association region was in the Kootenay region with a total increase of 18.8% compared to November 2023.
“While real estate market activity typically slows as temperatures drop, the market seems to have held on to some of the recovery seen in the fall with a healthy degree of sales above that of last year November,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “the welcomed interest rate cuts of recent months may have helped spur a more optimistic outlook throughout the region, which may have contributed to busier than usual activity for this time of year.”
In the Kootenay and Boundary region, unit sales saw an increase of 9.6% compared to sales activity in November 2023 with 194 sales recorded last month yet below October’s 224 units sold. There were 248 new listings recorded in the Kootenay and Boundary region in November marking a 5.5% increase compared to November 2023 and a decrease from October’s 330 new listings. The overall active listings in the Kootenay region saw an 18.8% increase compared to November 2023 with 1,380 listings overall.
“The Kootenay and Boundary region real estate market remains one of the more consistent and stable markets in the Association region with November showing strong activity for this time of year” says Sharun, adding that “it is not surprising given that it remains one of the more affordable markets in the province that offers a desirable lifestyle for many buyers where they can get more bang for their buck.”
The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw percentage increases in the Kootenay region in all housing categories compared to the same month last year, with the highest percentage increase of 10.7% recorded in the single- family category, coming in at $612,800. The benchmark price for townhomes saw an increase of 3.2% in year- over-year comparison coming in at $490,800 and the benchmark price for condominiums saw a 2.8% increase, coming in at $319,200.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops and Kootenay regions, as well as the South Peace River region.
The Association of Interior REALTORS® was formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board. The Association has since also amalgamated with the Kamloops & District Real Estate Association and the Kootenay Association of REALTORS®.
CENTRAL
OKANAGAN
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KAMLOOPS
& DISTRICT
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NORTH
OKANAGAN
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SHUSWAP
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SOUTH
OKANAGAN
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