Hey everyone, welcome back to another real estate market update for Kelowna & the Central Okanagan this time reviewing the stats for March, 2024. As we dive into the latest findings, it’s clear that the Spring Market is well underway, with signs of activity beginning to heat up across the region.

Market Activity:

• Sales: In the past month, we’ve seen a notable surge in sales, reaching 334 transactions. This represents a robust 19.8% increase from the previous month. While this is still down by 24.24% compared to last year, the momentum is building, indicating a positive trajectory for the market.
• Absorption Rate: The absorption rate has climbed to 9.9%, maintaining the status of a buyer’s market. However, this slight uptick suggests growing demand and a potential shift in market dynamics in the coming months.
• Average Sales Price: Despite the increase in sales volume, the average sales price for real estate has dipped by 5.21% from last year, settling at $724,222. This decline may present opportunities for buyers seeking more affordable options in the market.
• List-to-Sell Ratio: Encouragingly, the list-to-sell ratio has improved to 97.04%, indicating a strengthening seller’s position in negotiations.
• Property Types: Condos have seen a modest increase in average price by 2.67%, while townhouses have also experienced a slight uptick of 4.22%. The average price of a single-family home has dipped below the million-dollar mark, down 4.21% from last month to $989,284.
• Days on Market: Properties are spending an average of 63 days on the market, a slight decrease from the previous month but still up marginally from this time last year.
• Listings saw an increase from last month and a surge from this time last year of 27.1% with 3,372 current active listings.

Economic Indicators:

• Inflation Rate: The inflation rate has decreased slightly to 2.78%, indicating stable economic conditions.
• Interest Rate Outlook: Looking ahead, the next Bank of Canada interest rate announcement is scheduled for April 10th, 2024. Experts predict no change, with anticipation mounting for potential rate cuts in June. This forecast bodes well for a strong market throughout the spring and into the summer months.

As the Spring Market gains momentum in the Okanagan, we anticipate continued growth and increased activity across the board in the coming months. Check out the video version of my market report and associated stats to go along with it. Whether you’re considering buying or selling, now is a great time to explore your options in the market. As always, I’m always here to help and I’m never too busy for your referrals!