News

Active listings for Okanagan homes at ‘all-time low’: Association of Interior Realtors – Okanagan

The number of active listings remains at an all-time low for Okanagan Real Estate market, according to a new report.

blank

The Furniture Dealers Association (AIR) released static figures for January showing strong price increases but a lack of inventory.

“It’s the same story we’ve been telling for the past two years, more than in the last year. Our inventory levels are at record lows and I really don’t see that changing anytime soon,” said AIR Vice President Lyndi Cruikshank.

Read more:

Okanagan home prices continue to rise, while market sees slight increase in inventory

According to AIR, inventory levels in South Okanagan down about 57% from this time last year, which is significantly lower than in previous years.

The story continues below the ad

“We have about 56 homes for sale in Penticton. That’s really a remarkable number in a market this big,” said Cruikshank.


Click to play video:'Standard house price up to 1 million USD in Central Okanagan'







Standard house prices up to 1 million USD in Central Okanagan


Standard home prices hit $1 million in Central Okanagan – January 6, 2022

The pandemic has played a big part in the drop in active listings but there is also a high demand for new builds.

“We didn’t see our local government being able to move fast enough to work with developers to get the homes we needed on the market,” Cruikshank said.

Even though the number of active listings is at an all-time low, prices are still not keeping up. Benchmark prices for homes continue to rise.

Single-family home:

  • Central Okanagan: $1,037,500, up 36.4% from last year
  • North Okanagan: $711,600, up 30%
  • Shuswap/Revelstoke: $638,200, up 26.6%
  • South Okanagan: $699,000, up 43.5%

Townhouse:

  • Central Okanagan: $697,300, up 27.6% from last year
  • North Okanagan: $460,100, up 19.4%
  • Shuswap / Revelstoke: $493,300, up 21.5%
  • South Okanagan: $438,400, up 25.3%

Apartment/Apartment:

  • Central Okanagan: $515,700, up 29.4% from last year
  • North Okanagan $326,500, up 31.5%
  • Shuswap/Revelstoke: $416,400, up 28.9%
  • South Okanagan: $387,300, up 26.9%

“What we usually see is when inventory goes down, prices go up and that’s what we’re experiencing across the province, but most notably in Okanagan,” said Cruikshank.

The story continues below the ad

Although there has been a shift in home values ​​in South Okanagan, prices are still lower than in the Central and North Okanagan markets.

AIR says that real estate professionals will continue to assist buyers and sellers in navigating inventory shortages in residential real estate markets throughout the region.

“The best advice I can give anyone is to speak to a qualified professional. Sit down with your broker and talk about how best to serve your needs,” says Cruikshank.


Click to play video:'Kelowna among the top real estate markets in Canada to invest'







Kelowna among the top real estate markets in Canada to invest in


Kelowna among the top real estate markets in Canada to invest in – January 19, 2022

© 2022 Global News, a division of Corus Entertainment Inc.

https://globalnews.ca/news/8602068/active-listings-okanagan-low-south-real-estate/ Active listings for Okanagan homes at ‘all-time low’: Association of Interior Realtors – Okanagan

Russell Falcon

Inter Reviewed is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@interreviewed.com. The content will be deleted within 24 hours.

Related Articles

Back to top button