The Okanagan housing market presented a complex picture in July 2024, with distinct trends emerging in the Central and North Okanagan regions. We'll explore these trends in listings, sales, prices, and more to provide comprehensive insights for buyers, sellers, and investors.
Central Okanagan
The Central Okanagan real estate market in July 2024 showed mixed signals, with a slight increase in new listings and a marginal decrease in units sold, reflecting dynamic market conditions.
Market Overview
- New Listings: Central Okanagan saw 1,153 new listings in July 2024, a 1.05% increase from July 2023.
- Units Sold: A total of 438 units were sold, a 1.13% decrease compared to 443 units in July 2023.
- Sales Volume: The total sales volume was $366,826,569, up 0.96% from $363,343,338 in the previous year.
- List/Sell Ratio: The list-to-sell ratio remained stable at 96.93%, slightly up from 96.53% last year.
- Days to Sell: The average days to sell increased to 61 days from 56 days last year, marking a 21.82% rise.
- Active Listings: Active listings increased significantly by 36.67% to 4,230 from 3,095.
Key Highlights by Property Type
- Residential: 185 units sold, average price $1,032,064, median price $949,900, 1,626 active listings.
- Condos & Apartments: 117 units sold, average price $476,224, median price $450,000, 771 active listings.
- Townhouses: 63 units sold, average price $729,059, median price $685,000, 447 active listings.
- Lots: 10 units sold, average price $495,080, median price $575,500, 371 active listings.
Detailed Analysis
The rise in new listings in the Central Okanagan indicates increased seller confidence, providing more options for buyers. Despite the slight decline in units sold, stable pricing across most property types indicates resilient demand. The substantial increase in active listings points towards a shift to a buyer's market, offering more choices and potentially better negotiating power for buyers. These factors combined suggest a market where sellers may need to be more competitive, while buyers can take advantage of the increased inventory.
Absorption Rate Analysis
The absorption rate for July 2024 was 10.36%, calculated as the number of units sold (438) divided by the number of active listings (4,230). This indicates that approximately 10.36% of the active listings were sold in July, suggesting a slower market with higher inventory turnover.
North Okanagan
The North Okanagan real estate market in July 2024 demonstrated steady trends, marked by a modest rise in new listings and an increase in active listings, indicating a stable market environment.
Market Overview
- New Listings: North Okanagan saw a rise in new listings to 354, a 6.63% increase from July 2023.
- Units Sold: 163 units were sold, reflecting a 2.40% decrease from 167 units in July 2023.
- Sales Volume: The total sales volume decreased by 15.67% to $104,603,678 from $124,043,280.
- List/Sell Ratio: The list-to-sell ratio improved slightly to 97.05%, indicating active market conditions.
- Days to Sell: The average days to sell increased to 65 days from 58 days, an 11.51% rise.
- Active Listings: Active listings grew significantly by 27.14% to 1,560 from 1,227.
Key Highlights by Property Type
- Residential: 86 units sold, average price $731,586, median price $682,750, 493 active listings.
- Condos & Apartments: 16 units sold, average price $360,536, median price $364,500, 88 active listings.
- Townhouses: 22 units sold, average price $500,836, median price $477,500, 114 active listings.
- Lots: 4 units sold, average price $242,944, median price $238,889, 305 active listings.
Detailed Analysis
The increase in new listings and active listings in North Okanagan indicates a healthy market with growing inventory. The higher list/sell ratio suggests sustained seller performance despite the overall decrease in units sold. Extended days on market reflect buyers taking more time to make decisions, likely due to increased inventory. These trends indicate a balanced market with opportunities for both buyers and sellers, where careful pricing and marketing strategies can yield successful transactions.
Absorption Rate Analysis
The absorption rate for July 2024 was 10.45%, calculated as the number of units sold (163) divided by the number of active listings (1,560). This indicates that approximately 10.45% of the active listings were sold in July, suggesting a balanced market with moderate inventory turnover.
June vs. July 2024
Central Okanagan
In the Central Okanagan, the real estate market showed varying trends from June to July 2024. New listings fell by 13.56% from 1,334 in June to 1,153 in July. The number of units sold saw a slight increase of 1.62%, rising from 431 to 438. The total sales volume increased by 6.73%, from $343,698,665 in June to $366,826,569 in July. The average days to sell increased slightly from 61 days in June to 65 days in July, reflecting a continued slower market pace. Active listings decreased slightly by 0.98%, from 4,272 in June to 4,230 in July, indicating a slight reduction in inventory.
North Okanagan
In the North Okanagan, the market experienced some declines from June to July 2024. New listings decreased by 15.53% from 419 in June to 354 in July. Units sold dropped by 10.93%, from 183 in June to 163 in July. The total sales volume also saw a reduction of 10.70%, falling from $117,133,720 in June to $104,603,678 in July. Despite fewer transactions, the average days to sell improved slightly from 67 days in June to 65 days in July, suggesting quicker sales. Active listings increased marginally by 0.77%, from 1,548 in June to 1,560 in July, offering more options for buyers in the market.
Comparative Analysis and Market Outlook
The July 2024 real estate statistics for the Central and North Okanagan regions reveal distinct market dynamics. The Central Okanagan experienced a rise in new listings and a slight decline in sales, suggesting a more competitive market with ample opportunities for buyers. In contrast, the North Okanagan saw a modest increase in listings and active listings, indicating a stable and resilient market environment.
Implications for Stakeholders
- Buyers: The increased listings and stable prices across the Okanagan provide a wide range of options and potentially better deals due to increased seller competition.
- Sellers: Sellers may need to adjust their pricing strategies or be prepared for longer selling periods, especially in the Central Okanagan, where the market is becoming more competitive.
- Investors: The diverse market dynamics present opportunities, particularly in high-demand segments like residential properties and lots. The growth in active listings in the North Okanagan indicates robust investment potential.
Market Trends and Insights
The Okanagan real estate market remains active and varied, with each region presenting unique opportunities and challenges. Staying informed about these developments is crucial for making strategic decisions in this evolving market. The increasing listings and stable prices suggest a balanced market with opportunities for both buyers and sellers, where careful planning and strategy can yield successful outcomes.
Source: Association of Interior REALTORS®
Disclaimer: This information is general in nature and does not constitute professional real estate advice, please contact a professional.
