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April 2024 Central Okanagan Real Estate Market Update

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APRIL 2024 – ENTERING THE SPRING MARKET

Last month we finally started our venture into the spring season! Has the change in weather been followed by a change in market trends? Below we have outlined how both sales and inventory levels have been affected, as well as how it has impacted pricing in the respective sectors.

In March 2024, we saw a decrease of 29% in residential property sales over the previous year, while our total listing inventory increased by 41% to 2,645 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 2% below the average during the same time last year, landing at $804,459.

The table below shows the breakdown on where the 297 total monthly sales came from, and shows the total inventory levels for each property category.

On average, it is taking right around 57 days to sell a home, depending on the property type.

SINGLE FAMILY HOME MARKET UPDATE

In the Single Family Home bracket we saw a sales decrease of 28% coupled with a 40% increase in inventory over March of last year.

The average price for the month dipped below the Million Dollar mark, coming in at 8% below last March’s average price.

TOWNHOUSE MARKET UPDATE

The townhouse market is in demand with a 7% increase in sales over March of last year! Despite a 37% increase in inventory, townhomes are only making up less than 14% of all available listings. The average sale price finished at $702,899 – a increase of 3% from the average of the same month last year.

CONDO MARKET UPDATE

The condo market has seen a dip in sales in comparison to this time last year. We also continue to see significant increases in inventory in the condo sector this year over last. The sales decreased by about 37% while the inventory increased by 38%.

SUPPLY & DEMAND

The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:

Less than 4 Months of Inventory is a Seller’s Market

4 to 6 Months of Inventory is a Balanced Market

More than 6 Months of Inventory is a Buyer’s Market

We’ve been tracking the Months of Inventory – the graph below outlines how the 3rd month of 2024 went compared to the same time periods in the previous 3 years. In March of 2023 there were only 4.4 months of inventory whereas this year we are seeing 8.9! This means we are continuing to sit in a strong buyers market at this time.

What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!

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