The number of active listings remains at an all-time low for Okanagan Real Estate market, according to a new report.
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.
According to AIR, inventory levels in South Okanagan down about 57% from this time last year, which is significantly lower than in previous years.
“We have about 56 homes for sale in Penticton. That’s really a remarkable number in a market this big,” said Cruikshank.
Standard house prices up to 1 million USD in Central Okanagan
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.
- 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%
- 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%
- 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.
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.
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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