Residential real estate activity on the rise in the Okanagan region

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According to the Interior Association of Realtors, the real estate market in B.C. Okanagan Searching.

The association reports that residential real estate Sales remained steady throughout July as new listings entered the market. A total of 1,351 residential sales were recorded in the association’s region. This was 1.2% below sales in the same period last year.

New home listings increased by 4.1% compared to July 2023, with 2,843 new listings recorded last month. The number of active listings also increased, increasing by 31.5% compared to 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 summer,” said Kaytee Sharun, president of the Inland Association of Realtors.

The benchmark price for single-family homes in the Suswap, South Okanagan and North Okanagan regions decreased slightly to an average of $750,000. The average price for townhouses also decreased by an average of 5% to an average of $535,000.

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“In a balanced real estate market, when both buyers and sellers are confident that the price they decide on reflects true market conditions, consumer confidence increases,” Sharun added.