Residential real estate activity on the rise in Okanagan – Okanagan
According to the Association of Interior Realtors, the British Columbia real estate market Okanagan look up.
The association reported that the housing real estate Sales remained steady throughout July as new listings hit the market. Across the association’s region, 1,351 residential sales were recorded. That’s 1.2 per cent less than the number of units sold during the same month last year.
New residential listings increased 4.1% compared to July 2023, with 2,843 new listings recorded last month. The number of active listings also increased, up 31.5% from last year, with a total of 10,207 properties for sale.
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“Real estate activity appears to be moving in a positive direction, with new listings slightly above average and sales picking up after a relatively quiet start to the summer market,” said Kaytee Sharun, president of the Association of Interior Realtors.
Benchmark prices for single-family homes declined slightly in the Shuswap, South and North Okanagan regions, with an average price of $750,000. The average price of townhouses also declined by an average of five per cent, with an average price of $535,000.
“In a balanced real estate market, consumer confidence increases when both buyers and sellers are confident in their decisions that prices reflect true market conditions,” Sharun added.
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