We cant believe the first quarter of 2025 is in the books and with that said, here’s how things are shaping up for South Okanagan Real Estate. Thank you for reading.
Residential Sales for all property types in the South Okangan (excluding land sales) this March saw a increases by 25% and 139 units which is great to see. The South Okanagan Region had $88.5 Million dollars in sales volume, which is a 38% increase year over year according to the Association of Interior Realtors. Inventory volumes were comparable with a small 1% increase and 1273 active listings giving a total of 9 months of inventory out there for those buyers out there looking.
The breakdown for the Single Family category in the South Okanagan saw more sales year over year which are up 50% at 69 properties. Benchmark values were up by a modest 7% to $771,100, and inventory levels for single family homes came down year over year for the first time in many months according to the Real Estate Board by 5% with 511 listings. Average days on market in this category increased by 14% at 72 days on market as shown above.
The Townhouse relm in the South Okanagan saw more sales year over year which are up 50% as well at 21 properties sold. Benchmark values were up by a modest 6% to $529,100, and inventory levels came down for the first time in many months by 2% with 141 listings. Average days on market in this category decreased by 23% at 81 days on market as shown above.
The Condo/Apartment category continues to be very saturated in the South Okanagan. We saw decreases in Sales of 17%, and increased inventory levels of 40% and 320 listings which is undoubtedly why Benchmark pricing dropped 4% year over year to $420,600. The average days on market for Apartment/Condos is 106 days.
As always we will continue to keep you all well informed on the ever changing market conditions and post them right here. Please dont hesitate to reach out if you have any questions about your buying/selling journey or need to know more about your properties value in todays market!
Have a great April and Happy Easter to you all:)
Jean and Shelly
