New year, same tight real estate market.
In its first month-end data release of 2022, the Association of Interior Realtors reported sales were down 10% in January on a year-over-year basis at the same time as prices continued rising sharply.
“The persistent lack of inventory on market makes for challenging times for buyers and sellers,” said association president Kim Heizmann in a press release.
“Not only are new buyers frustrated at finding a home, but sellers are frustrated at the lack of active supply hindering their ability to move on to a new property as well.”
Across the entire region served by the association, there were 1,721 active listings in January, down 38% on a year-over year basis. The number of new listings for the month was down 25% to 824.
Meanwhile, the average sale price of a benchmark home in the Central Okanagan in January rose 36% on a year-over-basis to just over $1 million. In the South Okanagan, benchmark homes traded for $699,000, up 43%, and in the North Okanagan moved for $712,000, up 30%.
(Benchmark homes refer to properties with what the realtors’ association considers “typical” assets and is considered a more accurate indicator than a pure average.)
The number of single-family homes that hit the market in the Central Okanagan in January totalled 267, down 30%. The figure stood at 89 in the North Okanagan, which was a 50% drop, and at 128 in the South Okanagan, which represented a 57% decrease.
In 2021, total transaction values across the Okanagan Valley rang in at a record-setting $10.3 billion, nearly double the $6.8-billion total seen in 2020.
The Association of Interior Realtors represents 1,700 members from Revelstoke south to the U.S. border, plus the South Peace region.
Thinking about moving? Here are the benchmark* sale prices for Okanagan homes in January 2022.
SOUTH OKANAGAN
Single-family: $699K
Townhouse: $438K
Condo/apartment: $387K
CENTRAL OKANAGAN
Single-family: $1.03M
Townhouse: $697K
Condo/apartment: $516K
NORTH OKANAGAN
Single-family: $712K
Townhouse: $460K
Condo/apartment: $327K
Source: Association of Interior Realtors
* Benchmark properties are those with what the realtors’ association considers “typical” assets and is viewed as a more accurate indicator than pure averages.
