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April 2024Real Estate Market

Last May, this waterfront property made headlines by selling out in a mere 37 minutes! Due to overwhelming demand, they are planning the addition of five new floors.

This isn't public knowledge yet—they are still awaiting final approvals—but have opened the doors to a select group to select their units..… as it is our goal to add value to you and let you in on off the market real estate.. to our current, past and future clients.. .this is us letting you in on a secret.  

You can now be the first to secure units in any of the additional floors.

The new units come with a unique advantage: unlike many areas in the Okanagan, which will permit short-term rentals. This makes it a rare and valuable find in today's market with the new rules coming into effect today..

Sales picked up in with 447 total sales this past month which was up from 334 last month and 10 sales shy of 2023 numbers,  but with fixed interest rates and government legislations coming into effect today(Short Term Rentals) inventory in the apartments is up 55% from last year.

But it has not necessarily translated to lower apartment costs yet at the median sold price for apartments in April was $475,000 which is up $25k from last year and just $18,000 less than the April price peak in 2022 of $493,750.

Median home prices are going up even despite the higher inventory, shows signs that sellers are really sticky on their price point and separates those that have to sell and want to sell. Single family homes median prices are up $38,000 from last year and even up $23k from last years average home prices to where they sit at $980,000.

With fixed interest rates now in the 4’s and the potential for variables to come down this summer, we are seeing buyers being able to pay a bit more for a home. May is the month that things can change as itis the peak selling season for homes in the Okanagan.

Total Sales

Sales 447

New Listings 1,297

Current Inventory 3,742

Median Days to Sell 39

Average Days to Sell 59

Months of Inventory 8

Median Sale Price $742,500

Average Sale Price $808,965

Total Volume $351,899,728

Single Family

Sales 202

New Listings 610

Current Inventory 1,575

Median Days to Sell 36

Average Days to Sell 51

Months of Inventory 10

Median Sale Price $980,000

Average Sale Price $1,071,313


Sales 71

New Listings 153

Current Inventory 91

Median Days to Sell 38

Average Days to Sell 34

Months of Inventory 6

Median Sale Price $677,000

Average Sale Price $717,629


Sales 110

New Listings 264

Current Inventory 723

Median Days to Sell 38

Average Days to Sell 49

Months of Inventory 7

Median Sale Price $475,000

Average Sale Price $511,379

Hope you have a great week. Reach out with any questions or if there is anything we can do for you!

Mark and Maddie 250-801-0361


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