April 2024Real Estate Market
- Mark Coons
- May 2, 2024
- 3 min read
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.
If you do have questions on mortgages, refinancing, home equity lines of credits or anything mortgage related we invite you to ask our trusted advisor any question at all.
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
Townhome
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
Apartment
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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