More homes are being listed for sale despite lower sales and higher prices.
That describes the residential real estate market in the Vernon, Okanagan in August.
142 properties were sold in the North Okanagan last month, which is a 34% decline from a year earlier. At $739,000, the benchmark price for a single-family home has increased by 8%.
394 residential units were sold in the Central Okanagan, which is a 26% decrease. The benchmark price increased by 3.6% from August 2021 to $1,017,500.
The Association of Interior Realtors region saw a total of 1,205 residential unit sales last month, up from 1,196 in July 2022 but 32.6% fewer than the units sold in the frenetic August 2021 market.
As we enter this fall, it is nice to see some typical seasonal consumer behaviour returning after the unpredictably hot market throughout most of last year.
In the region, there were 2,152 fewer new residential listings in August 2022 than in August 2021, a 4.2% decline. In comparison to this time last year, there are currently 7,876 units on the market, a significant growth of 61 percent in the overall inventory.
Regarding overall inventory levels, the market appears to have begun to turn the corner. This might be good news for sellers and buyers who have been sidelined for much of the year as there are more properties available.
All housing categories in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions experienced rises in the benchmark price from year to year.
For the second consecutive month, the North Okanagan saw the most growth, this time in the townhomes category. In comparison to August 2021, the benchmark price for townhomes in the North Okanagan climbed by $559,700, or 29.2%.