Okanagan Real Estate Market Statistics – March 2023

Okanagan Real Estate Market Statistics – March 2023

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in March 2023.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 180 sales, 875 active listings, and $1,001,500 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 130 sales and 497 active listings at the end of the month. The average sale price was $492,600. Townhome sales were 58, active listings were 272 and the average sale price was $703,200. It’s a seller’s market for condos in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $728,000. At the end of the month, there were 60 sales and 310 active listings. There were 14 sales and 58 active listings for condos. The average sale price was $309,600. In comparison, townhomes featured 30 sales, 80 active listings and a $578,200 average sale price. It’s a balanced market for houses and condos in North Okanagan.

South Okanagan

There were 72 sales, 335 active listings, and $698,100 average sale price for detached homes in the South Okanagan market.
The condo market featured 33 sales and 197 active listings at the end of the month. The average sale price was $422,600. Townhome sales were 18, active listings were 88 and the average sale price was $537,900. It’s a balanced market in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – March 2023

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – March 2023

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in March 2023. Find all the infographics related to the March Market Statistics by visiting the Facebook Album.

Early spring market reflects consumer confidence and growing demand.

A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 per cent fewer than the 833 properties sold in March 2022 but a 28.3 per cent increase from February 2023. Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.

“We’ve seen our sales numbers this month almost double from January,” said Victoria Real Estate Board Chair Graden Sol. “As we move further into spring, we expect that the return to confidence we’ve seen in the market will continue. What we can’t predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others – by working with your REALTOR® you can better understand the market you are in.”

There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2023, an increase of 8.9 per cent compared to the previous month of February and an 85.3 per cent increase from the 1,063 active listings for sale at the end of March 2022.

“Demand is recovering,” adds Sol. “Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties. Inventory continues to trend lower than long term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier Eby’s announcement this week about the provincial government’s Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 per cent to $1,236,200, down from February’s value of $1,247,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023 decreased by 9.1 per cent to $560,300, down from the February value of $568,200

Greater Victoria

Saanich Peninsula

Nanaimo

Parksville / Qualicum

 

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

Okanagan Real Estate Market Statistics – February 2023

Okanagan Real Estate Market Statistics – February 2023

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in February 2023.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 123 sales, 760 active listings, and $971,300 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 74 sales and 465 active listings at the end of the month. The average sale price was $496,300. Townhome sales were 39, active listings were 242 and the average sale price was $742,200. It’s a buyer’s market in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $708,600. At the end of the month, there were 49 sales and 241 active listings. There were 9 sales and 49 active listings for condos. The average sale price was $310,900. In comparison, townhomes featured 17 sales, 69 active listings and a $591,900 average sale price. It’s a balanced market in North Okanagan.

South Okanagan

There were 46 sales, 313 active listings, and $668,500 average sale price for detached homes in the South Okanagan market.
The condo market featured 20 sales and 194 active listings at the end of the month. The average sale price was $417,500. Townhome sales were 10, active listings were 78 and the average sale price was $551,700. It’s a buyer’s market in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – February 2023

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – February 2023

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in February 2023. Find all the infographics related to the February Market Statistics by visiting the Facebook Album.

Winter real estate market wraps with improved consumer confidence and more stable pricing.

A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023. Sales of condominiums were down 39.7 per cent from February 2022 with 161 units sold. Sales of single family homes decreased 28.8 per cent from February 2022 with 220 sold.

“Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics,” said Victoria Real Estate Board Chair Graden Sol. “We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive growth as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We’re also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace.”

There were 1,809 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2023, an increase of 4 per cent compared to the previous month of January and a 113.1 per cent increase from the 849 active listings for sale at the end of February 2022.

“The market today is different than we have seen in recent years,” adds Sol. “There’s plenty of demand from buyers, and we are still low in inventory, but there are opportunities in a less pressurized environment for consumers to get into a new home. Most buyers will find they have more time to view homes, make decisions and do their due diligence in this somewhat more relaxed market. Of course, we are heading into a new season which is typically very active. The statistics in this report reflect what happened last month. Prudent buyers and sellers will seek the knowledge of their Realtor to determine the up-to-the-minute conditions and how to best navigate the market.”

Greater Victoria

Saanich Peninsula

Nanaimo

Parksville / Qualicum

 

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

Okanagan Real Estate Market Statistics – January 2023

Okanagan Real Estate Market Statistics – January 2023

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in January 2023.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 63 sales, 699 active listings, and $976,800 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 52 sales and 425 active listings at the end of the month. The average sale price was $492,900. Townhome sales were 36, active listings were 230 and the average sale price was $741,600. It’s a buyer’s market in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $696,500. At the end of the month, there were 29 sales and 225 active listings. There were 6 sales and 43 active listings for condos. The average sale price was $310,000. In comparison, townhomes featured 11 sales, 73 active listings and a $551,100 average sale price. It’s a buyer’s market in North Okanagan.

South Okanagan

There were 24 sales, 289 active listings, and $656,500 average sale price for detached homes in the South Okanagan market.
The condo market featured 15 sales and 162 active listings at the end of the month. The average sale price was $389,300. Townhome sales were 11, active listings were 70 and the average sale price was $545,100. It’s a buyer’s market in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – January 2023

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – January 2023

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in January 2023. Find all the infographics related to the January Market Statistics by visiting the Facebook Album.

A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022 with 101 units sold. Sales of single family homes decreased 33 per cent from January 2022 with 120 sold.

“If you’re looking at the statistics, this January was one of the slowest we’ve seen on record,” says 2023 Victoria Real Estate Board Chair Graden Sol. “However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year. It may be that consumers are moving past the market shock of the rate increases and economic uncertainty and that our market is regaining its equilibrium. What the data doesn’t show is the optimism that many of our REALTOR® members are noting from their buyers and sellers, who remain active viewing homes and making offers. Interest rates, continued low inventory and the greater economic situation in our area will determine what our early spring market will look like.”

There were 1,739 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 3 per cent compared to the previous month of December and a 133.7 per cent increase from the 744 active listings for sale at the end of January 2021.

“Despite the slower start to the market in January, and our constrained inventory levels, some consumers still found themselves in multiple offer situations, particularly on the types of properties that represent the crucial missing middle segment of our market. The Victoria City Council voting to move forward with their missing middle housing program is a great step in the right direction when we are considering how low inventory has impacted the attainability of housing in the CRD,” adds Sol. “But this is one step in a marathon of work to be done to increase housing opportunities to meet our community’s short- and long-term needs. Each municipality must keep their focus on adding gentle density where they can so that we do not face another swift increase in values when our market demand increases again.”

Greater Victoria

Saanich Peninsula

Nanaimo

Parksville / Qualicum

 

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

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