Real Estate Market March Statistics

Looking back at March the sales continue to trend up based on the comparison to February, however, the sales compared to March 2021 the monthly sales this year were two-thirds of what they were last year. Inventory is rising with the normal spring increase as expected, demand seems to have dropped off in the last month, with rates having been increased once and predictions for another 0.5% increase next Wednesday, banks are also tightening their lending policies making it tougher for buyers to qualify. We are seeing more homes get price reductions and also significant price reductions (38) this past week and that isn't including the homes that were withdrawn and put back on the market at a lower price. For buyers, this might have been the signal you are looking for, something to keep watching as prices may be showing signs of peaking with the increase in interest rates. Inflation continues to increase everywhere, over the long run housing prices are likely safe (my hesitation is due to Government Intervention is unpredictable) and will continue to increase in the Okanagan based on the demand, if you are looking to sell and buy the best way to mitigate risk is to buy and sell in the same market to help mitigate this risk.

• 666 total sales in March (Up from 589 sales in February but down from last year's sales of 1,008 in March)

• 1,231 total active listings currently, which is up from 929 active listings in February and down compared to the 5 year average of 2,033 listings. Currently, we are sitting at 60% of the average amount of listings for this time of year. This number is trending up which is positive signs we are moving to a more balanced market.

• March median days to sell went unchanged at 15 and the average days to sell came down to 30. This could be a sign due to properties relisting.

Single Family Residential Homes

• Single-Family Sales 313

• New Listings 645

• Current Inventory 627 (430 in February and 555 last March)

• Total Sold Dollar Value $413,381,190

• Median Days to Sell 13

• Average Days to Sell 24

• Average Sale Price $1,320,707

Townhome Activity

• Townhome Sales 83

• New Listings 150

• Current Inventory 129

• Total Sold Dollar Value $71,427,581

• Average Days to Sell 30

• Median Days to Sell 14

• Average Price $860,573

Apartment/Condo

• Condo/Apt Sales 201

• New Listings 284

• Current Inventory 248

• Average Days to Sell 29

• Median Days to Sell 16

• Average Price $550,328

Let me know if there is anything I can do for you! Have a great week and feel free to reach out with any questions! -Mark

Mark Coons

REALTOR®

(250) 801-0361