The love affair with real estate in the South Okanagan continued throughout the month of February. New listing inventory was up 32.57% across the region as sellers came out of hibernation listing 403 new properties this February which is a big increase from the 304 listed same month last year.

Year to date listing inventory is improved by 13.46% with a total of 666 new listings hitting the MLS® System in the first 2 months of the New Year vs the 587 listed same time period last year.

Buyers too have come out of hibernation with savvy real estate consumers commencing their hunt now to avoid competitive markets in the spring. Our Brokerages have begun to experience competing offers as well appointed properties hit the market and smart buyers put a ring on it before someone does.

Year to Date Unit sales are just of last years mark by 2% with 179 unit sales occurring across the South Okanagan vs. the 183 reported last year. 104 properties traded hands in February just off last years February unit sales numbers of 112.

In our Summerland Market our office was a buzz with a new listing inventory increase of 15% in February with 52 new listings hitting the market vs. the 45 that hit last February. Year to date our new listing numbers are still down by 12% with 82 new listings being marketed for sale in Summerland vs the 94 same month, last year.

Unit sales were quiet in Summerland in February with 9 unit sales reported vs the 17 reported in February of last year. Year to Date Unit Sales down 21% with 18 sales reported in the first two month’s of the year vs. the 23 that were reported in the first two months of 2023.

The average sale price of a single family home pretty much held its own against the increased cost to finance as buyers adjusted their budgets accordingly. On average sellers spent $783,695 for a single family home vs $794,152 last year.

In our Penticton Market our office was a buzz with a new listing inventory increase of 48% with 172 new listings hitting the market vs the 116 that hit last February. Year to date our new listing numbers are up 41% with 287 new listings being marketed for sale in Penticton vs. the 203 same month, last year.

Hurry, hurry was the message we received from our buyer clients and unit sales resulted in a 19.57% increase in unit sales this February over last. Year to date unit sale for Penticton are up 10% with 88 unit sale reported for the first 2 months of 2024 vs. the 80 that were reported in 2023. The average sale price for a single-family residential property felt some erosion resulting in a 12% decrease from $883,107 vs $774,242 as buyers adjust their budgets to accommodate for higher borrowing costs.

In our Osoyoos Market our office was a buzz with a new listing inventory increase of 66.67% with 65 new listings hitting the market vs the 39 that hit last February. Year to date our new listing numbers are up as well by 10% with 97 new listings being marketed for sale in Osoyoos vs the 88 for the same month of last year. Unit Sales are very soft so far this year with only 16 unit sales being reported for the first two months of this year vs. the 27 reported in 2023 resulting in a 40.74% decrease to unit sales. Recreational buyers have put a pause on secondary purchases until interest rates adjust to more affordable levels.

Bank of Canada

The Bank of Canada held their overnight key lending rate at 5% for the fifth consecutive time saying it was too soon for rate cuts while underlying inflation persists. The bank first raised interest rates in March 2022, the beginning of an aggressive campaign to cool inflation that resulted in 10 rate hikes in less than two years. Many of our clients are opting for variable rate mortgages that allow them to move forward with their plans while still maintaining the option to lock in when and if mortgage rates are reduced. Industry experts are expecting a rate reduction in June. On April 10th the Bank of Canada will make their next rate announcement and release their monetary policy report.

First time Home Buyers

First-time home buyers received a little help on costs through changes to the First-time Home Buyers Program. Purchase price threshold limits will increase for Buyers effective April 1st, 2024. If all of the requirements are met, in particular you must be a first-time home buyers and this must be your principal residence Qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. People purchasing newly constructed homes worth up to $1,100,000 will also see lower costs through the newly built home exemption.

Many legislative changes for real estate have occurred recently that impact our clients. Now more than ever our clients are relying on us for strategic advice concerning their larges financial asset.

You have questions, RE/MAX has answers!

Call Us First!

Happy New Year from our home to yours! We hope that you had a fun filled & restful holiday season. While things quiet down for most businesses at the end of the year, our agents are busy getting ready to kick-off 2024! For some that might mean business planning, or goal setting or simply cleaning off their desk and getting organized for what is to come. Out with the old and in with the new they say!

In other news, the 2024 BC Property Assessment Notices are out! Nearly 500,000 properties throughout the Southern Interior should have received their 2024 assessment notices in the mail. This notice reflects the market value of the properties as of July 1, 2023.

DOWNLOAD SUMMERLAND REPORT

DOWNLOAD PENTICTON REPORT

DOWNLOAD OSOYOOS REPORT

Changes In Home Values

“Most homeowners throughout the Southern Interior can expect modest changes and even some

decreases in their assessment values,” says Southern Interior Deputy Assessor Boris Warkentin.

“With the softer real estate market, most changes in home values will be somewhere between -10% to +5% in the Thompson-Okanagan communities whereas Kootenay Columbia changes are slightly more at -10% to +10%. Lytton is the exception with larger increases as market activity recovers in the community.” 

BC Assessment office reported that the Southern Interior’s total assessments increased from $303 billion in 2023 to almost $315 billion this year. A total of almost $5.9 billion of the regions updated assessments are from new construction, subdivisions and the rezoning of properties.

If you have questions about your assessment, call us as we would be happy to provide you with a Complimentary Market Evaluation of your property. Once you are armed with information from your RE/MAX Sales Associate you may wish to contact BC Assessment Office at 1 866-825-8322.

If you think your assessment is incorrect, you may file a Notice of Complaint (appeal) for a formal hearing with an independent Property Assessment Review Panel. 

The deadline for filing a notice of complaint (Appeal) is January 31, 2024.

For More Information visit BC Assessment website. https://www.bcassessment.ca/

It’s good to have a friend in the real estate business!

Cheers to a great 2024!! 

Now more than ever, home has become the perfect place for families to stretch their budget. If your crew is like ours, everyone is always itching to go out and do something, but as we walk in the door everyone chants in unison…

“Thank goodness, we are home!”

That’s because it’s good at home.

Let us share our favourite ways to make the most of our home this winter season, while keeping an eye on our household budget.

Consider what you spend on entertainment and snacks and drinks on the go.

HOME Hack – Set up your own coffee/drink station and just like hitting the washroom before you go everyone must hit the drink station.

Alternate movie nights with another family..

HOME Hack – Have fun with it and throw blankets and pillows on the floor.

Do your Intermission with Style and feature your own hot-buttered pop corn, toppings bar, refreshments and more. Have fun with it and have the kids decorate their own popcorn bowls.

Invite another family for a hike and a back-yard fire!

HOME Hack – Get out the lawn chairs, extra blankets, roast some marshmallows or hot dogs on a stick.

Set up a Hot Dog Bun Bar full with toppings such as hot chili, sprinkle cheese, grilled veg and condiments.

If getting your crew to put down their devices and converse as a family is your goal this year.

HOME Hack – Get those board games out of the closet and have a each family member select a game for weekly game night.

Doing a puzzle together as a family is another way to pass the time during cold winters.

Get everyone involved from picking out the puzzle to where it will be set up for all to view.

Puzzle play encourages team work, and helps little ones develop and strengthen concentration skills and patience.

Glue and mount your families creation with pride!

In the kitchen is another way our clients enjoy and make the lost of their home.

HOME Hack – Going meatless 2-3 nights a week will not only help your budget but also our planet.

Serving a flavourful soup made from vegetables with toasted bread and salad is a healthy and hearty meal in the winter.

Get the kids involved in meal planning and execution. Challenge them to find one pot wonders or recipes with at hand ingredients. We hope that our 3 favourite soup and meatless dinner recipes below will inspire you!

Check them all our at www.allrecipes.com

Happy New Year!

We hope you and your family had a nice Halloween full of fun and memories. Make sure to give yourself extra time and a little grace this week in adjusting to the time change.

Our local real estate market in Summerland saw than usually with 46 new listings put for sale which is up 21.05% from the 38 that were listed last October.

Year to date we have had 562 properties listed on the MLS System which is up 17.57% from last years listing numbers of 478. 14 properties changed hands in the month of October in Summerland which is 30% lower than October sales numbers last year. Year to date unit sales came in at 216 which is only down 5.26% from the 228 unit sales reported same time last year.

DOWNLOAD SUMMERLAND REPORT

Our local real estate market in Penticton saw than usually with 163 new listings put for sale which is up 45.54% from the 112 that were listed last October

Year to date we have had 1484 properties listed on the MLS System which is down 3.34% from last years listing numbers of 1324. 55 properties changed hands in the month of October in Penticton which is 6.78% lower than October sales numbers last year. Year to date unit sales came in at 685 which is down over 14.05% from the 797 unit sales reported same time last year.

DOWNLOAD PENTICTON REPORT

Our local real estate market in Osoyoos saw more than usual with 44 new listings put for sale which is up 22% from the 44 that were listed last October.

Year to date we have had 611 properties listed on the MLS System which is just off from last years listing numbers of 606. 17 properties changed hands in the month of October in Osoyoos which is 42% lower than October sales numbers last year. Year to date unit sales came in at 185 which is down 25.70% from the 249 unit sales reported same time last year

DOWNLOAD OSOYOOS REPORT

South Okanagan Update

The average sale price for all types of real estate in the South Okanagan fell by 5.33% year to date with the average sale price this year coming in at $642,967 vs. $679,193 last year. The Average Sale Price for a Single Family home in the South Okanagan held it’s ground against economic pressures coming in at $842,267 just a 2.17% decline from last years Average Sale Price of $860.950. The Average Sale Price for a Single Family Home in Summerland increased to $914,814 from $896,968 last year as families adjust their budgets to fund higher interest rates and other inflationary costs.

The Average Days on Market for all types of real estate in the South Okanagan has increased by over 27.34% to 74 days from 58 days as our Seller clients patiently wait for the right buyer at the right price. If you are contemplating a move now or in the spring, reach out and let us assist you by putting a plan in place to make it happen!

To the benefit of our Buyer clients, we know when our new listings are coming online and they often are sold to our clients working with their RE/MAX Agent.

Our Seller clients benefit from the MAXIMUM exposure of their property by RE/MAX. It’s good to have a friend in the real estate business!

Happy Remembrance Day,

Lest we forget

We all have a role to play in doing what we can to address climate change by reducing our own carbon footprint.

And as the weather turns cooler many homeowners may be taking a good hard look at their current heating system and considering replacement. If your furnace or air conditioning needs replacing you may wish to consider installing a heat pump as one of things, you can do to be more environmentally friendly by reducing your reliance on fossil fuels.

A heat pump uses technology similar to that found in a refrigerator or an air conditioner. It takes heat from a source such as the air, ground or water and then amplifies and transfers the heat to where it is required.

Benefits of heat pumps

• They provide heating and cooling all in one.
• They run on clean hydroelectricity, so they’ll reduce your household’s greenhouse gas emissions if you switch from fossil fuel heating.
• They’re up to 300% more efficient than electric baseboard heaters.
• They’re up to 50% more efficient for cooling comparted to a typical window A/C unit.
• They could be less expensive to operate than a natural gas furnace.

There are three main types of heat pumps – air-to-air, water source and geothermal. An air-source heat pump, one in which takes heat from the outside air and move it indoors is recommended in B.C.

There are two main types of air-source heat pumps: ductless and ducted systems.

A ductless heat pump features an outdoor unit that gathers heat from the air and transfers it via refrigerant lines to one or more heads mounted inside, offering multi-zone heating or cooling. These systems are easy to install but can become less efficient with each head that you add.

The ductless system doesn't rely on ducting in the home to move air around, making it a good alternative to electric baseboards.

Temperature is controlled using a remote control for each head. Or, a traditional thermostat can be installed for some systems.

Both mini-split and multi-split heat pumps can be referred to when talking about ductless options.

A mini-split can refer to all ductless heat pumps, including heat pumps with multiple heads, however it typically refers to a system that has a single indoor head. Multi-split heat pumps always have multiple indoor heads.

A ducted heat pump (also known as central heat pump) has an outdoor unit connected to an indoor unit and uses ducts to move warm or cool air throughout the home.

Since this system requires ducting, it's a good option to replace an existing natural gas furnace. Just note that your existing ducting may require some modification.

Temperature is controlled via a single central thermostat. A ducted mini-split heat pump is also an option.

It works in the same way as a ductless system, except it has a hidden head (usually in the attic) with ducting running to vents in two or more rooms.

Reflecting Canada’s cooler climate for much of the year, the vast majority of heat pumps (about 75%) purchased to date

Greener Homes Grant

The Canada Greener Homes Grant, worth up to a maximum of $5,000 per household, will reimburse Canadian Homeowners for making energy efficient upgrades to their homes. the Grant aims to help make homes more energy efficient and help fight climate change.

Heat Pump Grant

For your heat pump to qualify for the Canada Greener Homes grant of $2,500, it must be an Energy Star–certified air-source heat pump

(so not considered “cold air”) capable of producing 12,000 BTUs per hour when outside temperatures are as low as 8.3°C.

And from a cooling standpoint, the unit must meet a Seasonal Energy Efficiency Rating (SEER) equal to or greater than 15.2. (SEER ratings range from 13 to 30.)

To help you grasp what SEER means, here’s how the Mitsubishi Electric site describes it:

“SEER is the miles per gallon of HVAC and represents how much electricity is required to run a unit at full capacity during a given period of time.”

(Instead of miles per gallon, think kilometres per litre, here in Canada.)

So, the higher the SEER, the less electricity required to run the unit. And typically, the higher the SEER, the more expensive the heat pump.

through the Canada Greener Homes Grant have been cold-climate air-source heat pumps (ccASHPs).

These units operate well below freezing, with current models producing heat from air as cold as -25°C.

Mini-Split Grant

Mini or multi-split cold-climate air-source heat pumps also qualify for a $2,500 grant.

Energy Star air-source heat pumps for centrally ducted systems or split systems with three or more air supply outlets are eligible for a $4,000 rebate.

And cold-climate air-source heat pumps for central or ductless with three or more outlets will get you $5,000.

Stay warm!

RE/MAX in the South Okanagan

Fall is a wonderful time to complete many home maintenance projects as the weather is milder, making work outside more comfortable.

As 2023 was the worst fire season on record for Canada, fire proofing our homes makes the top of RE/MAX’s list of fall home maintenance projects.

No area of Canada went untouched, and we certainly felt the effects in the Southern Interior of BC as we lost hundreds of properties. It is estimated that more than 15 million hectares burned this fire season which is unparalleled when you consider that the previous record was 7.6 in 1989 and that the 10-year average is 2.5 million hectares.

There are practical things homeowners can do to safeguard their properties, and the fall is a perfect time to tackle some of those projects and make plans for others in the Spring.

Did you know that you could get a FireSmart assessment of your property?

The FireSmart Home Partners Program was created to engage homeowners in voluntary, proactive wildfire mitigation efforts by offering a professional home assessment with property-specific recommendation. There are several things that make a home a FireSmart one.

Homeowners should consider;

• the construction of the home itself,
• the yard and landscaping, * the vegetation and fuels, and * access.

Today we are going to recommend that you focus on what we are going to call your safe zone, a 10 meter area directly around your home. We suggest that you think of this area as a moat that protects your property. This area should be free from all combustibles.

FireSmart properties owners have prepared 4 zones.

1. Non-Combustible Zone - 0-1.5 meters this critical, non-combustible surface area should extend around the entire home and any attachments, such as decks, to reduce the chance of wind- blown embers igniting materials near your home.
2. Zone 1 — 1.5-10 meters this should be a completely fire-resistant zone, free of all materials that could easily ignite from a wildfire.
3. Zone 2 - 10-30 meters away from your home, your outer yard. In this area trees should be thinned and pruned to reduce hazards. Fallen branches, dry grass and needles should be cleaned up to eliminate potential surface fuels.
4. Zone 3 — 30-100 meters and is your larger yard or neighborhood.

Look for opportunities here to create fire breaks by removing potentially flammable vegetation to reduce the intensity of a wildfire.

A 1.5 meter non-combustible surface should extend around the entire home and any attachments, such as decks, to reduce the chance of wind-blown embers igniting materials near your home.

1. Use non-combustible materials such as gravel, brick, or concrete in this critical 1.5 meter area adjacent to your home.
2. Woody shrubs, trees or tree branches should be avoided in this area; any that are present should be properly mitigated.
3. Plant only a few fire-resistant plants and shrubs within 10 meters of your home.
4. Do not use bark or pine needle mulches within 10 meters of your home as they are highly combustible.
5. Gravel mulch and decorative crushed rock mulch significantly reduce the risk of wildfire.
6. A mowed lawn is a fire-resistant lawn. Grasses shorter than 10 centimeters in height are less likely to burn intensely.
7. Move firewood piles, stored trailers/recreational vehicles, storage sheds, and other combustible materials a minimum of 10 meters from your home.
8. Regularly clean up accumulations of fallen branches, dry grass and needles from the ground to eliminate potential surface fuels.
9. Remove all branches to a height of 2 meters from the ground on evergreen trees that are within 30 meters.

Living near forested regions puts all our homes at risk, but it is possible to live safely and resiliently with wildfire.

The choices we make about our homes and properties - out to 100 meters from the foundation - can greatly reduce it's vulnerability to wildfire.

Wishing you and yours a fun and a safe fall season at home!

From our HOME to yours!

Cheers, RE/MAX in the South Okanagan

250-494-8881

250-492-2666

250.495.7441

We hope that you and your family are enjoying the warmer weather we have

had this week. It is a perfect time to get out for a drive in the South Okanagan

to take in the beautiful landscapes and collect the bounty of our local harvest.

South Okanagan

The Average Sale Price for a Single Family home in the South Okanagan held it’s ground against economic pressures coming in at $841,459 just a 3.95% decline from last years Average Sale Price of $876,090. The Average Sale Price for a Single Family Home in Summerland increased to $917,570 from $915,563 of last year as families adjust their budgets to fund higher interest rates and other inflationary costs.

The Average Days on Market for all types of real estate in th South Okanagan has increased by over 25.76% to 71.88 days from 57 days as our Seller clients patiently wait for the right buyer at the right price.

Our local real estate market in Summerland saw more homes hit the market than usual with 53 new listings put for sale which is up 47.22% from the 36 that were listed last September. Year to date we have had 516 properties listed on the MLS System which is up17.27% from last years listing numbers of 440. 11 properties changed hands in the month of September in Summerland which is 15.38% lower than September sales numbers last year. Year to date unit sales came in at 201 which is down over 3% from the 208 unit sales reported same time last year.

DOWNLOAD SUMMERLAND REPORT

Our local real estate market in Penticton saw than usually with 163 new listings put for sale which is up 11.72% from the 145 that were listed last September. Year to date we have had 1321 properties listed on the MLS System which is down 0.23% from last years listing numbers of 1324. 59 properties changed hands in the month of September in Penticton which is 15.69% higher than September sales numbers last year. Year to date unit sales came in at 630 which is down over 14.63% from the 738 unit sales reported same time last year.

DOWNLOAD PENTICTON REPORT

Our local real estate market in Osoyoos saw 45 new listings put for sale which is down 19.64% from the 56 that were listed last September. Year to date we have had 557 properties listed on the MLS System which is just of from last years listing numbers of 562. 13 properties changed hands in the month of September in Osoyoos which is 8.33% higher than September sales numbers last year. Year to date unit sales came in at 167 which is down over 29.54% from the 237 unit sales reported same time last year

DOWNLOAD OSOYOOS REPORT

If you are contemplating a move now or in the spring, reach out and let us assist you by putting a plan in place to make it happen!

To the benefit of our Buyer clients, we know when our new listings are coming online and they often are sold to our clients working with their RE/Max Agent. Our Seller clients benefit from the MAXIMUM exposure of their property by RE/MAX.

It’s good to have a friend in the real estate business!

From our HOME to yours!

Cheers, RE/MAX in the South Okanagan

250-494-8881

250-492-2666

250.495.7441

The fall is a perfect time to switch things up at home.The seasons are changing as is our families needs for function in our home interiors.RE/MAX knows that you want your home’s interior to look beautiful,but our clients need it to function above all else.Consider these home function and design trends to assist you and your crew in flipping the season, and getting ready to cozy in because there is after all...no place like home!

Let us start at the beginning shall we, of course we are talking about your entry way. For many of our clients this is off the garage and sometimes doubles as a laundry area. This is where they endeavour to create a planned storage centre with seating. Everyone needs an area, and everything needs a place.

Kitchen areas often double as after school study areas and must be set-up with storage and convenience in mind. Set aside a drawer or cupboard to store regularly used study items such as pencils, pens, paper, erasers, markers, and craft items. It is handy to assemble all of your items in a pile and then search for the appropriate size containers to hold all and smaller containers to hold smaller items separately.

Home storage is vital to keeping a semblance of order for many of our client's families. Consider these 5 often over-looked areas.

Under the stairs can be utilized to hide dog beds, store holiday décor and much more. Consider filling in the empty space underneath a staircase with a guest bath, coat closet or seasonal storage closet. Can you say hide the full-size xmas tree!

Under the bed is perfect place for a pull out drawer to store extra shoes, sports equipment or off-season clothes. We love hiding useful items behind doors such as children's books, spices in kitchen and ready to go gift-wrapping station - genius! Display your wine stash on a wall and use that cabinet for something else. Build an open concept closet with shelf in a room without one.

Your back splash can be used to hang commonly used items.

As things tend to be cooler in the mornings and evenings don't forget to have a wicker basket filled with cozy throws stored beside your couch. Velour is all the rage so perk up your place by acquiring a velour piece in a vibrant colour to add some texture and style to your digs.

Love where you live!

250-494-8881

250-492-2666

250.495.7441

We hope that this communication finds you well and enjoying the clear sunny skies that we are now experiencing. The smoke has cleared, and we are all left to reflect on another fire season in the South Okanagan that left thousands evacuated, and resulted in hundreds of properties lost. We were not alone in our fire season challenges as many communities around the world, battled and continue to combat fires and new weather systems resulting from climate change.

Adding to this stress and inconvenience is the Hwy97 road closure in Summerland which disconnects the South Okanagan from the rest of the province. The detour service roads are roughly graded and slow going with most trips taking almost 2 hours to travel to Kelowna.

The combination of the travel ban, fires and road closure have had an extremely negative effect on local small businesses, especially those who derive the bulk of their income from tourism during peak summer month’s. We invite you to consider patronizing a local business that you might not have otherwise during this time. We all have a roll to play to ensure the viability of these local businesses as we all rely on their products and services.

Our local real estate market in Penticton saw than usually with 150 new listings put for sale which is up 20% from the 124 that were listed last August. Year to date we have had 1159 properties listed on the MLS System which is down 1.7% from last years listing numbers of 1179. 67 properties changed hands in the month of August in Penticton which is just 1% off August sales numbers last year. Year to date unit sales came in at 567 which is down over 17% from the 687 unit sales reported same time last year

DOWNLOAD PENTICTON REPORT

Our local real estate market was also slower in August than usually with only 34 new listings put for sale in Summerland which is down 17% from the 41 that were listed last August. Year to date we have had 462 properties listed on the MLS System which is up 14% from last years numbers of 404. 24 properties changed hands in the month of August which is up 9% over August sales numbers last year. Year to date unit sales came in at 191 just off 2% from the 195 unit sales reported same time last year.

DOWNLOAD SUMMERLAND REPORT

Our local real estate market in Osoyoos saw 59 new listings put for sale which is up 7.27% from the 55 that were listed last August. Year to date we have had 513 properties listed on the MLS System which is up 1.38% from last years listing numbers of 506. 15 properties changed hands in the month of August in Osoyoos which is down 28.57% from August sales numbers last year. Year to date unit sales came in at 154 which is down over 31% from the 225 unit sales reported same time last year. The average sale price for all types of real estate in the South Okanagan fell by 7% year to date with the average sale price this year coming in at $639,722 vs $689,721 last The Average Sale Price for a Single Family home in the South Okanagan held it's ground against economic pressures coming in at $840,498 just a 3.47% decline from last years Average Sale Price of $870,707. The Average Sale Price for a Single Family Home in Osoyoos declined to $840,548 from $908,932 last year, as families adjust their budgets to fund higher interest rates and other inflationary costs.

The Average Days on Market for all types of real estate in th South Okanagan has increased by over 26% to 72 days from 57 as our Seller clients patiently wait for the right buyer at the right price.

If you are contemplating a move now or in the spring, reach out and let us assist you by putting a plan in place to make it happen!/p>

To the benefit of our Buyer clients, we know when our new listings are coming online and they often are sold to our clients working with their RE/MAX Agent. Our Seller clients benefit from the MAXIMUM exposure of their property by RE/MAX.

It's good to have a friend in the real estate business!

Download Osoyoos Report

South Okanagan Average Sale Price

The Average Sale Price for all types of real estate in the South Okanagan fell by 7% year to date with the Average Sale Price in 2023 coming in at $639,722 vs $689,721 last year. The Average Sale Price for a Single-Family home in the South Okanagan held it’s ground against economic pressures coming in at $840,498 just a 3.47% decline from last years Average Sale Price of $870,707. The Average Sale Price for a Single-Family home in Summerland also held its own at $908,448 just off 1% from last year’s Average Sale Price of $918,734. The Average Days on Market for all types of real estate in the South Okanagan increased by over 26% to 72 days from 57 as our Seller client’s patiently wait for the right buyer at the right price.

If you are contemplating a move now or in the spring, reach out and let us assist you by putting a plan in place to make it happen! To the benefit of our Buyer clients, we know when our new listings are coming online and they often are sold to our clients working with their RE/MAX Agent. Our Seller clients benefit from the MAXIMUM exposure of their property by RE/MAX.

It’s good to have a friend in the real estate business!

DOWNLOAD SUMMERLAND REPORT

250-494-8881

250-492-2666

250.495.7441

The weather has been hot and extremely dry in the Okanagan and we hope that you and yours are making the most of it!

As always, our Agents continue to be busy assisting our clients with their buying and selling needs while playing ambassador to many of our regions visitors who are desirous of our gorgeous valley and active lifestyle. 440 properties were listed in the month of July in the South Okanagan which is up 23.60% from last July.

Year to date 2859 properties have been listed for sale which is up 3.18% from listing levels of 2022. Unit Sales across the South Okanagan were up 15.53% in the month of July with 186 unit sales reported sold vs the 161 reported sold in July of last year. The increased activity in July was not enough to combat the intended chilling effects to the real estate market that the bombardment of hammer-like interest rate hikes have had. Year to date Unit Sales have decreased 21.96% with 1112 sales reported this year in comparison to the 1425 reported last year as would be buyers delay their purchase in hopes of a return to historically low interest rates or a significant market price correction, both of which seem unlikely as evidenced by increased average sale price numbers below. The Average Sale Price for all types of real estate YTD in the South Okanagan is $648,088 which is down 6.25% in comparison to last year’s average sale price of $691,305. The Average Sale Price For a Single- Family Home in the South Okanagan YTD is $850,767 which is down 1.75% in comparison to last year’s average prices of $865,904.

Let's take a closer look at the Summerland real estate market where listing inventory has been fairly strong with 75 new listings hitting the system in the month of July which is up over 100% from the 36 listing put on the market last July. Summerland has experienced an increased unit sale in the month of July with 23 properties trading hands vs. the 16 unit sales that occurred last year. Year to Date numbers however we are just off last year’s numbers with 167 units reported sold which is a decrease of 3.47% from the 173 unit sales reported in 2022.

The average Sale Price for a Single-Family Home in Summerland YTD in 2023 is $917,019 which is down 0.32% from the Average Sale prices reported of $919,940 last year. The Average Days on Market for all types of real estate increased by 36% in July in the South Okanagan going from 54 days to 74 days. Year to Date the Average Days on Market has increased by 25% from 57 to 72 Days as the market adjusts to the new mortgage rate reality. In Summerland the YTD Average Days on Market for all types of real estate has stayed sharp at 53 days with virtually no increase in comparison to last year. That being said each property is unique and property type, location and competition often affect Average Day’s on Market.

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Let's take a closer look at the Penticton real estate market where listing inventory has been fairly strong with 146 new listings hitting the system in the month of July which is up 6.57% from the 137 listings put on the market last July. Penticton has experienced an increased unit sale in the month of July with 86 properties trading hands vs. the 74 unit sales that occurred last year. Year to Date numbers however, 497 units reported sold which is a decrease of 19.71% from the 619 unit sales reported in 2022.

The average Sale Price for a Single-Family Home in Penticton YTD in 2023 is $866,132 which is down 4.64% from the Average Sale prices reported of $908,287 last year. In the South Okanagan YTD the Average Days on Market for all property types has increased by 25.22% from 57 to 72 days as the market adjusts to the new mortgage rate reality. In Penticton the YTD Average Days on Market for all types of real estate has stayed sharp at 65 days. That being said each property is unique and property type, location and competition often affect Aversge Day's on Market Your RE/MAX Agent will use their years of experience to advise you as to what to expect for the marketing time of your property.

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Let's take a closer look at the Osoyoos real estate market where listing inventory has been fairly strong with 68 new listings hitting the system in the month of July which is up 9.68% from the 62 listings put on the market last July. Osoyoos has experienced an increased unit sale in the month of July with 21 properties trading hands vs. the 17 unit sales that occurred last year. Year to Date numbers however, 139 units reported sold which is a decrease of 31.86% from the 204 unit sales reported in 2022.

The average Sale Price for a Single-Family Home in Osoyoos YTD in 2023 is $846,918 which is down 1.53% from the Average Sale prices reported of $860,045 last year. In the South Okanagan YTD the Average Days on Market for all property types has increased by 25.22% from 57 to 72 days as the market adjusts to the new mortgage rate reality. In Osoyoos the YTD Average Days on Market for Single Family Homes is almost double for the same time last year coming in at 91.07 days vs. 46.14 days YTD in 2022. That being said each property is unique and property type, location and competition often affect Average Day’s on Market.

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