May real estate sales in Central Okanagan most active in 2 years

The Central Okanagan real estate market saw more sales last month than it had done in two years, but it still lags way behind compared to the 10-year average.

According to Rennie Intelligence, the growth in sales in the Central Okanagan came from single-family homes which increased 26% compared to May 2024.

Overall sales in the Central Okanagan real estate market grew by 5% with condos taking the biggest hit seeing sales slump 25%.

Numbers from Rennie Intelligence show sales in the real estate market for the Central Okanagan 20% lower than the 10-year average.

The Association of Interior Realtors paints a rosier picture saying market activity is “slightly subdued” compared to historical norms.

Overall across the Southern Interior, sales were down by 4% in May with the Central Okanagan and the Kootenay the only areas seeing slight increases, according to the Association of Interior Realtors.

Kamloops saw the worst decline, with sales falling 13%, followed by the North Okanagan at 12% and the South Okanagan at 7%.

Despite slow sales across the region, prices largely held their own.

While Kamloops saw a 15% drop in sales of single-family homes, prices still increased by 5%.

The North Okanagan saw an 11% drop in family home sales, while prices in that category dropped by just 1%.

Condo sales across the Okanagan were down by between 18% and 32%, but prices managed to stay on par, with the Southern Okanagan seeing the only real measurable movement as prices dropped 5%.

Kamloops saw no movement in condo prices as sales slumped 10%.

The current benchmark price for a single-family home in the Central Okanagan is $1,030,400, in the South Okanagan $788,400, in the North Okanagan $771,300, and in Kamloops $680,700.

Benchmark prices for townhomes in the Central Okanagan are $745,200, in the North Okanagan $567,000, in the South Okanagan $535,600 and in Kamloops $525,100.

A condo in Central Okanagan now goes for $511,800, in the South Okanagan $422,100, in the North Okanagan $325,800 and in Kamloops $374,800.