Sales
Residential real estate sales in July remained steady as new inventory hit the market, reports the Association of Interior REALTORS® (the Association). A total of 1,351 residential unit sales were recorded across the Association region in July coming in above June’s 1,330 units and barely misses July 2023’s units sold by a 1.2% decrease.
Active Listings / Inventory
New residential listings saw an increase of 4.1% compared to July 2023 with 2,843 new listings recorded last month. The total number of active listings saw an uptick of 31.5% of total inventory compared to July 2023 with 10,207 recorded across the Association region. The highest percentage increase in inventory was in the Central Okanagan region with a total increase of 40.8% compared to July 2023.
“Real estate activity seems to be trending in a positive direction, with new listings slightly above average and sales picking up after a relatively calm summer market start,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “this could likely be a benefit from recent rate cuts, which have made borrowing more affordable and sparked increased activity.”
“It is worth noting that properties that are not priced according to the current market climate often take longer to sell and can become stagnant.In a balanced real estate market, consumer confidence thrives when buyers and sellers alike feel assured in their decisions that prices reflect true market conditions,” notes Sharun.
Benchmark Price
The benchmark price for single-family homes saw decreases in the Central, South and North Okanagan regions in year-over-year comparisons, while the Shuswap/Revelstoke region saw an increase of 2.7%, coming in at $735,400. Benchmark pricing in the townhome housing category saw decreases in all regions compared to July 2023 with the exception of the Central Okanagan that saw a 1.7% increase, coming in at $779,200. In the condominium housing category, all regions saw decreases in the benchmark price for July 2024 compared to the same month last year.
Tips to Sell In this Market
📍If your house isn't standing out in this market - Buyer's are abruptly moving on to the next one on their list.
📍If you have a showing - it is likely one of 5 the Potential Buyer will see that day! Make sure it shows well! This means that it is appealing to at least 2 of their senses:
- smell (remove unpleasant smells in home such as pet items, or smoky materials and add in fresh-baking or a light vanilla or citrus scent in a diffuser),
-sight (fresh flowers, zero clutter)
-sound (water trickling on a fountain, light spa music playing in background)
