Housing market normalizing

Residential real estate sales for the month of May is indicating the market is on a path of normalizing in the region.

While demand still remains high, 1,687 residential unit sales were recorded across the region, marking a 24.9% decrease compared to the frenzied number of units sold in May last year.

“While the number of units sold seems like a drop when comparing it to the historically high activity experienced in May 2021, sales across the region really only slid down 1.2% compared to last month,” says President Lyndi Cruickshank.

In May, the benchmark selling price was $1,130,400, which was 0.1% down from April’s mark of $1,131,800. 

Condominiums in the North Okanagan recorded a 30.9% increase compared to May 2021, coming in at $342,600.

The average number of days to sell a home increased from 39 days in April to 41 days in May.