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Local Residential Real Estate Markets Get Early Jump on Spring Season KELOWNA, B.C.

 February 5th, 2024. 

Residential real estate market sales activity starting the year on strong footing with an uptick in sales after subdued December activity, reports the Association of Interior REALTORS® (the Association). 

A total of 603 residential unit sales were recorded across the Association region in January coming in above December’s 528 units sold and representing a 5.6% increase in sales compared to January 2023. “Typically, we see less sales activity in the winter than the summer, however, not usually straight out of the gate after the holiday season. It seems Spring may be arriving early in terms of real estate activity along with the warmer temperatures,” says Mann. 

New residential listings saw a slight decrease of 0.9% compared to January 2023, coming in almost on par with 1,576 new listings recorded last month. The total number of active listings saw an increase of 16.5% of total inventory compared to January 2023 with 5,701 recorded across the Association region. 

The highest percentage increase in active listings was seen in the South Okanagan for yet another consecutive month with a total increase of 33.5% compared to January 2023. “It is promising to see active listings trending at an upward trajectory despite being slightly under what we would like to see,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “with the infusion of much needed inventory, we are seeing a relatively balanced market when looking at sales to active listings ratio.” 

The benchmark price for single-family homes saw slight increases of 2.3% and 3.4% in the Central and North Okanagan regions in year-over-year comparisons, while the South Okanagan and Shuswap/Revelstoke regions saw decreases of 5.9% and 2.8% respectively. Benchmark price in the townhome housing category saw decreases in the Central and South Okanagan yet increased in the North Okanagan and Shuswap/Revelstoke regions compared to January 2023. In the condominium housing category, all regions, with the exception of the South Okanagan, saw decreases in the benchmark price for January 2024 compared to the same month last year. 

The average number of days to sell a home, always a good barometer to watch, increased to 94 days compared to December 2023’s 78 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region. 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals. We're here to help,


January North Okanagan Real Estate Report 2024

Chris Holm & Associates

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

Feb 13 5 minutes read


Scroll to see what happened in North Okanagan real estate in January 2024.


Housing Market Activity Picks Up to Start 2024

Vancouver, BC –  February 13, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 3,979 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in January 2024, an increase of 29.4 per cent from January 2023. The average MLS® residential price in BC in January 2024 was up 10.5 per cent at $957,909 compared to an average price of $866,922, the low-point for average prices over the past two years. The total sales dollar volume was $3.8 billion, an increase of 42.9 per cent from the same time in the previous year.
"Home sales are on a clear uptrend to start 2024," said BCREA Chief Economist Brendon Ogmundson. "A sharp decline in fixed mortgage rates and expectations for future Bank of Canada rate cuts is driving sentiment in the market and bringing pent-up demand off the sidelines."
The total number of active listings, though up year-over-year, remains relatively low by historical standards. New listings activity has shown signs of normalizing following a down year in 2023. A steady pace of new inventory will be crucial in keeping markets balanced as sales accelerate.

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