Hello, friends and clients! As we step into October, it’s time to reflect on the residential real estate market in our stunning Interior region of British Columbia. The latest insights from the Association of Interior REALTORS® reveal some noteworthy trends that could influence your buying or selling decisions in the months ahead.

Sales Activity: A Slight Dip

In September 2024, we recorded 1,025 residential unit sales, down from 1,165 units in August. While this figure shows a modest 0.3% increase compared to September 2023, it indicates a slower month than many had anticipated.Interestingly, new residential listings decreased by 6.7% compared to last year, with 2,370 new listings coming onto the market. This decline suggests that sellers are becoming more cautious in this fluctuating market.

Inventory on the Rise

Despite the dip in sales, total active listings surged by 27.1% year-over-year, reaching an impressive 9,972 listings across the region. The Shuswap/Revelstoke area saw the most significant increase at 41.2%, making it an attractive option for potential buyers.

Pricing Trends: A Tale of Two Markets

When it comes to pricing, we’re seeing a mixed bag:

* Single-family homes: Prices increased in Shuswap/Revelstoke, Central, and North Okanagan regions but dropped by 2.5% in South Okanagan.

* Townhomes: Benchmark prices fell in Central and South Okanagan but rose by 8% in Shuswap/Revelstoke and 8.5% in North Okanagan.

* Condos: Most regions experienced price increases; however, South Okanagan saw a notable decline of 9.8%.

These variations highlight that while some areas are thriving, others are facing challenges.

Buyer and Seller Dynamics

A key takeaway from this month’s report is the potential disconnect between buyer and seller expectations. Sellers may be holding out for higher prices while buyers are approaching the market with caution. This mismatch can lead to slower decision-making and may contribute to the overall sluggishness we’re witnessing.

Looking Ahead

Exciting news for homebuyers! The approval of the 30-year mortgage amortization is now in effect, providing greater flexibility and affordability for those looking to enter the market or refinance their homes. This change could significantly stimulate activity in the real estate sector moving forward.

We can Help!

Navigating this complex market can be challenging for both buyers and sellers. That’s where we come in! As your trusted Real Estate Team at Mastro Veale, we are here to provide you with expert insights tailored to your unique real estate goals.

If you have any questions about current market trends or need assistance with your real estate journey, don’t hesitate to reach out! Let’s work together to achieve your real estate dreams.

Stay tuned for more updates as we continue to monitor this ever-evolving market!Happy house hunting! 🏡