September 27,2024: The North Okanagan housing market is showing signs of stabilizing, aligning with broader provincial trends across British Columbia.
Active listings in the region surged by 35% year-over-year, giving buyers more options and negotiating power. This increase in inventory is part of a shift towards a more balanced, or even buyer-friendly market across BC.
Despite the higher number of listings, sales volume in the North Okanagan has taken a hit, with a 19% drop in the number of homes sold and a 23% decrease in overall sales volume compared to the previous year.
Homes are also taking longer to sell, averaging 67 days on the market, as buyers take advantage of increased options.
The average price of a residential home is holding steady at around $710,000, while townhouses are averaging $566,000. Condos and apartments, which are seeing solid interest, average $334,000, though selling times are lengthening.
Prices Remain Relatively Stable
This market shift is a stark contrast to the still-tight conditions in regions like Vancouver, where demand remains high. Sellers in the North Okanagan may need to be more competitive, while buyers now have the upper hand as the market moves towards greater balance.
Sources: Kelowna Real Estate, BCREA
North Okanagan Housing Market Buyer’s Advantage
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