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

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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.

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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!

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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

Wishing you a safe and enjoyable fall!

RE/MAX in the South Okanagan

Deborah Moore

Broker Owner