Real estate sales activity has slowed in the South Okanagan, according to figures released by the Association of Interior Realtors.

Throughout the region, 114 units were sold in March. This is a drop of 23.5 per cent when compared with the same month in 2023.

The dollar value of real estate sales also showed a decline. The value of real estate sales in the region was $67.6 million, down 30 per cent from March, 2023.

At the same time, the number of active real estate listings is up significantly. In March, there were 1,266 active listings, an increase of 56.1 per cent when compared with the same month in 2023. There were 415 new listings in March, an increase of 30.9 per cent from a year earlier.

鈥淒espite a relatively strong start in March, sales activity tapered off about mid-way through as spring break and Easter plans likely had buyers and sellers preoccupied,鈥� said Kaytee Sharun, president of the Association of Interior Realtors.

鈥淎lthough seemingly lukewarm in terms of real estate transactions, it is a more normalized spring market, moving at a more normal pace.鈥�

The increase in active listings in the South Okanagan is greater than in other areas of the province鈥檚 Southern Interior.

鈥淭he gradual ramp-up in listings should make for a busy summer season,鈥� Sharun said. 鈥淲ith the lack of inventory plaguing the real estate market for months, this will be a welcomed relief to buyers who are looking for more options.鈥�

While the benchmark price for a single-family home in much of the B.C. Interior saw decreases, prices rose in the South Okanagan.

The increase was 5.6 per cent, putting the benchmark price in the area at $758,500. Condominium prices also saw an increase in March compared to the same month a year earlier.