The local real estate market is showing signs of normalcy after more than a year of ups and downs.
There were 831 sales in February, according to Association of Interior Realtors data released Tuesday. That is up from 555 transactions in January.
Benchmark prices also increased for the most part across the Central and North Okanagan in February, with the exception being single-family homes in the Central Okanagan.
“The uptick in sales activity compared to the previous month suggests that we are heading in a positive direction,” AIR president Lyndi Cruickshank said in a press release.
“The overstimulated boom of the last few years, along with multiple mortgage rate hikes, made many buyers and sellers hesitant to make any moves. Now that the dust is starting to settle, these buyers and sellers can move forward in a transitionally healthier real estate market more reminiscent of pre-pandemic conditions.”
The benchmark price of a single-family home in the Central Okanagan dropped $5,500 last month to $971,300. The region’s townhouse price went up $600 to $742,200, and the condominium mark jumped $3,400 to $496,300.
In the North Okanagan, the benchmark price for a single-family dwelling increased $12,100 to $708,600. Townhouses ($591,900) and condominiums ($310,900) also jumped from January to February.
“As we have seen throughout the last few years, the lack of housing supply continues to limit buyer options and ultimately creates a continued tight hold on inventory,” Cruickshank said. “Hopefully the provincial government’s recently announced budget commitment for its refreshed housing strategy will help bring some much-needed new inventory to the market.”