Interior real estate market picks up in May, but buyers still somewhat cautious

Listings, sales, prices jump

The number of real estate listings and sales increased significantly across the Interior from April to May. Most benchmark prices also increased when compared to the previous month.

In other words, the Association of Interior Realtors believes the real estate market is picking up nicely after a sluggish spring start.

“Some buyers seem to have recovered from the rate shock and re-evaluated or have adjusted their expectations of what they desire to more realistic expectations so that they can resume their real estate efforts,” AIR president Chelsea Mann said in a press release. “While this is great to see, interest rates are still top of mind for many buyers.”

Even though interest rates are up, there were 436 more sales in May than there were in April across the entire region. New listings were up by more than 500.

Benchmark prices increased across the board in the North Okanagan in May, with the condominium and apartment price up 3.2% to 344,700. The single-family price jumped 1.7% to 777,600, and the townhouse mark edged up by 0.4% to $577,800.

It wasn’t the same story in the Central Okanagan, where the benchmark price for single-family homes fell 0.2% last month to $1,048,900 and the condo/apartment mark dropped 2.1% to $516,900. Meanwhile, the townhome mark had a massive 7% leap to $767,100.

“The upward trajectory of new listings from just a month ago is a promising sign that inventory may be rebounding and starting to replenish at a healthier pace than before,” Mann said. “It will be interesting to see if this momentum continues to help bring a more balanced market.”

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