While outside temperatures are soaring,not so for the summer real estate market locally and across Canada as consumers sit on the side lines as they adjust their spending amidst increased costs inclusive of high borrowing costs.
Stakeholder’s fingers are crossed for further interest rate reductions and we wait, not so patiently, as we have 3 more rate interest announcement dates with the Bank of Canada left to finish off this year!
Now for the statistics please….
443 properties were listed for sale in the South Okanagan on the MLS® System in the month of July which is down 14.9% from July of last year.
Year-to-date there have been 3190 properties listed FOR SALE on the MLS® System which is up 11.38% from the 2864 listed in 2023.
154 properties traded hands last month in the South Okanagan which is down almost 19% from the 190 that were sold last July. Year-to-date there have been 1017 UNIT SALES REPORTED in the South Okanagan which is down 9.20% from last year.
Summerland Market Update Download
In Summerland, 48 properties were listed FOR SALE which down a full 36% from the 75 put on the market last July. Year-to-date 409 properties have been listed on the MLS® System in Summerland which is down 4.44% from last year.
19 properties were SOLD last month in Summerland which is down 17% from the 23 that were SOLD in July of last year. Year-to-date, 113 properties have been SOLD which is down almost 32% from the 166 SOLD in 2023
Average Days on Market in the South Okanagan and Summerland are up which is requiring our Seller Clients to be patient. In the South Okanagan is taking on Average 83 Days to sell a property, which is up 15% in comparison to last year. Average Days on Market in Summerland is 68 Days which is up almost 28% from last year!
Penticton Market Update Download
In Penticton, 153 properties were listed FOR SALE which is up 4.79% from the 146 put on the market last July.
Year-to-date 1208 properties have been isted on the MLS® System in Penticton which is up 19.37% from last year.
71 properties were SOLD last month in Penticton which is down 20% from the 89 that were SOLD in July of last year.
Year-to-date, 470 properties have been SOLD which is down 6% from the 501 SOLD in 2023.
Average Days on Market in the South Okanagan and Penticton are up which is requiring our Seller Clients to be patient. In the South Okanagan it s taking on Average 83 Days to sell a property, which is up 15% in comparison to last year.
Average Days on Market in Penticton is 79 Days which is up almost 22% from last year!
There have been so many changes impacting real estate as an investment and as it is often our largest investment, it is important to get advice from knowledgeable market experts.
Osoyoos Market Update Download
In Osoyoos, 44 properties were listed FOR SALE which is down 36% from the 69 put on the market last July.
Year-to-date 521 properties have been listed on the MLS® System in Osoyoos which is up 14.76% from last year.
17 properties were SOLD last month in Osoyoos which is down 19% from the 21 that were SOLD in July of last year.
Year-to-date, 110 properties have been SOLD which is down 20% from the 139 SOLD in 2023.
Average Days on Market in the South Okanagan and Osoyoos are up which is requiring our Seller Clients to be patient. In the South Okanagan it s taking on Average 83 Days to sell a property, which is up 15% in comparison to last year. Average Days on Market in Osoyoos is 126 Days which is up almost 4% from last year!
There have been so many changes impacting real estate as an investment.
Go with those who know!
You have questions, we have answers.
Warmest regards,
Deborah Moore
Broker Owner
RE/MAX Orchard Country
Market Updates for 2024