fbpx
  1. Home
  2. All Posts
  3. May 2024 Central Okanagan Real Estate Market Update

May 2024 Central Okanagan Real Estate Market Update

0

MAY 2024 – SPRING SALES ON THE RISE?

We have seen an increase in Sales as we inch closer to summer, below we have outlined just how both sales and inventory levels have been affected in the midst of the typically busy spring real estate market!

In April 2024, we saw a decrease of 2% in residential property sales over the previous year, while our total listing inventory increased by 50% to 2,928 listings in total. Currently, the overall average price (all residential property categories combined) is sitting just over 1% below the average during the same time last year, landing at $807,048.

The table below shows the breakdown on where the 417 total monthly sales came from, and shows the total inventory levels for each property category.

On average, it is taking right around 51 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 2% coupled with a 53% increase in inventory over April of last year.

The average price for the month again came in above the Million Dollar mark, however it is still sitting at nearly 4% below last April’s average price.

TOWNHOUSE MARKET UPDATE

The townhouse market is rising in demand with a 12% increase in sales over April of last year! Despite a 33% increase in inventory, townhomes are making up only 13% of all available listings. The average sale price finished at $717,629 – a increase of 3% from the average of the same month last year.

CONDO MARKET UPDATE

The condo market has again 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 almost 18% while the inventory increased by 50%!

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 4th month of 2024 went compared to the same time periods in the previous 3 years. In April of 2023 there were only 4.6 months of inventory whereas this year we are seeing 7! 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!

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Menu