September 2024 Market Report: Association of Interior REALTORS Shows Resilience in Sales

Association of Interior REALTORS — September 2024

In September 2024, the Association of Interior REALTORS® reports 1,242 residential unit sales, reflecting a 9.8% increase compared to the same month last year. New listings rose to 2,643, indicating a healthy influx of properties into the market.

Market Analysis

Despite a typical seasonal dip in activity, residential real estate sales in the Association region remain steady. The total sales of 1,242 units in September 2024 represent a decrease from August's 1,319 units but a notable increase of 17.8% year-over-year. The sales-to-new-listings ratio (SNLR) stands at 47.0%, suggesting a balanced market where supply and demand are relatively aligned, allowing for a more stable environment for both buyers and sellers. The slight decrease in active listings by 0.3% to 9,853 units further indicates a tightening market, which could lead to upward pressure on prices in the coming months.

Property Type Analysis

The detached housing market shows a benchmark price of $753,500, reflecting the ongoing demand for single-family homes. While specific sales figures for attached and apartment properties are not available, the overall market dynamics suggest that buyers are actively seeking various property types, contributing to the balanced conditions observed this month. The increase in new listings across all categories may provide buyers with more options, while sellers can benefit from the competitive environment.

Regional Highlights

Regionally, the Kamloops and District area recorded the highest percentage increase in active listings, up 9.7% compared to September last year. In the Okanagan and Shuswap/Revelstoke regions, benchmark prices for single-family homes generally saw increases, with the exception of the North Okanagan, which experienced a slight decrease of 1.4%. This regional variation highlights the importance of localized market knowledge for both buyers and sellers.

For Buyers

Prospective buyers should take advantage of the current balanced market conditions, which provide more breathing room for decision-making. With an increase in new listings, buyers have a wider selection of properties to choose from, allowing them to find a home that meets their needs without the pressure of a rapidly changing market.

For Sellers

Sellers are encouraged to leverage the current demand and balanced market conditions to list their properties. With active listings decreasing and sales increasing, now is an opportune time to engage with a REALTOR® who can provide insights into pricing strategies and marketing techniques that can help maximize the value of their home.