The real estate market is heating up as it moves into the typically busy spring and summer months.
According to a March 5 report from the Association of Interior Realtors, a total of 810 residential units were sold across the region in February – an increase from the 603 sold in January. The Shuswap/Revelstoke region contributed 42 to this the total, which represented a 31.3 per cent increase in the area.
New residential listings also saw an uptick of 29.5 per cent over February 2023, with 2,328 new listings recorded last month. In the Shuswap/Revelstoke region, there were 138 new listings for a 40.8 per cent increase, adding to the 398 that were on the market.
“With more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing to jump in before the general real estate market spring rush,” association president Chelsea Mann said in a media release. “With an influx of inventory, it would seem that we may be in a transitioning period of recovery heading towards more balanced market conditions, which also come as a relief to buyers looking for more options in their home buying journeys.”
Benchmark prices also saw a general increase, with the exception of the South Okanagan, with a typical single family dwelling in the Shuswap/Revelstoke area at $696,100 – a 5.4 per cent rise, while townhouses dropped by 4.3 per cent to $532.000 on average.
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