Dec. 5, 2022

South Okanagan Market Update | November

We hope that this message finds you well and that you and yours are safe and warm during this very cold start to December.

Like the weather, unit sales have cooled considerably across the South Okanagan.

270 properties were listed on the MLS® in the month of November in the South Okanagan which is up 31% over November of last year.
YTD 4098 properties have been listed which is down 1% over the same time in 2021 when 4144 properties were listed for sale.


103 properties traded hands in the South Okanagan in the month of November which is down 52% from November of last year. YTD 1930 properties have been reported as sold through the MLS® which is down 39% from the same time in 2021.

This IS a normal real estate market in comparison to sales reported in previous years.

If you are a Buyer, this IS the real estate market Buyers have been waiting for, less competition, ample selection, and more time to decide.

The next scheduled date for the Bank of Canada to announce changes to its overnight rate is December 7th.
The Bank will publish its next full outlook for the economy and inflation on January 25th.
If you are contemplating a purchase, you may wish to take advantage of the winter months and beat the crowded spring market of 2023.


If you are a Seller, don’t worry, we’ve got you covered!
RE/MAX Sales Professionals are skilled at assisting you in selecting competitive asking prices that helps you MAXIMIZE the return on one of your biggest assets.


 

Out of these newly listed properties, 149 of them were listed in Penticton which is up 60% in comparison to November of last year. YTD our listing level in Penticton is up 67% with a total of 1590 properties being offered for sale in 2022. There are currently 418 properties available for sale in Penticton.

In Penticton 45 properties traded hands in November and 842 YTD which is also down 39% from 2021.
You will notice that Penticton and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home increasing by 9% over last year in Penticton and 12% for all types of real estate in the South Okanagan.

The Average Sale Price YTD for a Single-Family home in Penticton is $884,686.

 

READ FULL MARKET UPDATE | PENTICTON

 

Out of these newly listed properties, 12 of them were listed in Summerland which is down 47% in comparison to November of last year. YTD our listing level in Summerland is up 5% with a total of 496 properties being offered for sale in 2022.  

There are currently 106 properties available for sale in Summerland.

You will notice that the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home increasing by 12% for all types of real estate. In Summerland the Average Sale Price for a Single Family Home has held its own and is just off last year's average, down 1.5%. 

The Average Sale Price YTD for a Single-Family home in Summerland is $888,369.

 

READ FULL MARKET UPDATE | SUMMERLAND

 

Out of these newly listed properties, 37 of them were listed in Osoyoos which is up 27% in comparison to November of last year.  YTD our listing level in Osoyoos is down 3% with a total of 640 properties being offered for sale in 2022.  There are currently 317 properties available for sale in Osoyoos.

In Osoyoos 10 properties traded hands in November and 260 YTD which is also down 48% from 2021. 

You will notice that Osoyoos and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home increasing by 3% over last year in Osoyoos and 12% for all types of real estate in the South Okanagan. 

The Average Sale Price YTD for a Single-Family home in Osoyoos is $907,290.

 

READ FULL MARKET UPDATE | OSOYOOS

Posted in Market Updates
Oct. 23, 2022

South Okanagan October Market Update

We hope that this message finds you well and you’re enjoying this spectacular fall weather we are having. With family and friends this weekend, remember to get outside and partake in a few more outdoor activities we are so lucky to enjoy living in the South Okanagan. Let’s see what the market is doing as we change seasons. While unit sales have slowed to a normal market pace, don’t let anyone tell you any different, the real estate market is always desirable in the South Okanagan which is evidenced by the continued price appreciation we are experiencing across the region.

354 properties were listed on the MLS® in the month of September in South Okanagan which is up 2.61% over September of last year. YTD 3532 properties have been listed which is down 3.02% over the same time in 2021.

107 properties traded hands in the South Okanagan in the month of September which is down 59.23% from September of last year. YTD 1677  properties have been reported as sold through the MLS® which is down 38.35% from the same time in 2021. This is a normal real estate market in comparison to sales reported in previous years.

Summerland

 

Out of these 354 properties, 35 of them were listed in Summerland which is down 31.37% in comparison to September of last year. YTD  our listing level in Summerland is up 4.22% with a total of 445 properties being offered for sale in 2022. There are currently 104 properties available for sale in Summerland.

Penticton

Out of these 354 properties, 144  of them were listed in Penticton which is up 7.46% in comparison to September of last year.

YTD  our listing level in Penticton is down 9.56% with a total of 1325  properties being offered for sale in 2022. There are currently 323 properties available for sale in Penticton.

Osoyoos

In Osoyoos 11 properties traded hands in September and 237 YTD which is down 45%  from 2021. You will notice that Osoyoos and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home appreciating 5% over last year in Osoyoos and 16.56%  for all types of real estate in the South Okanagan. The Average Sale Price for a Single- Family Home in Osoyoos is $922,906.

If you are a Buyer, this IS the real estate market Buyers have been waiting for, less competition, ample selection and more time to decide. While interest rates are rising with 2 more announcement dates still ahead of us  this year, interest rates are still very affordable. If you are contemplating a purchase, you may wish to take advantage of the fall/ winter months and beat the crowded spring market of 2023.

 

If you are a Seller, don’t worry, we’ve got you covered! RE/MAX Sales Professionals are skilled at assisting you in selecting an accurate asking and subsequent sale price that helps you MAXIMIZE the return on one of your biggest assets.

For all things home. Happy Thanksgiving

from our Home to Yours.

The Right Agent’s For Today’s Market! 

 

Posted in Market Updates
Aug. 12, 2022

South Okanagan Real Estate August 2022

What Is Happening in the South Okanagan?

We hope that this message finds you well and you’re enjoying what is promising to be an extended summer! While unit sales have slowed to a normal market pace, don’t let anyone tell you any different, the real estate market is always desirable in the South Okanagan which is evidenced by the continued price appreciation we are experiencing across the region.

399 properties were listed on the MLS® in the month of August in the South Okanagan which is up 2.84% over August of last year. YTD 3179 properties have been listed which is down 3.58% over the same time in 2021.

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Posted in Market Updates
April 13, 2022

South Okanagan Market Update April 2022

Let’s take a look at what the market is doing right now. 472 properties were listed for sale in the South Okanagan for the month of April, which is down 5.6% from the 500 properties listed in April of last year. 188 of these properties put on the market for sale were located in Penticton.

We currently have 3.96 months of supply of housing in comparison to last year when we had 3.28 months of supply which is up more than 20.7%! 233 properties traded hands in the South Okanagan in April with 99 of these sales occurring here in Penticton. Sales in the South Okanagan are down 44% from April of last year.

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Posted in Market Updates