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.

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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.

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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

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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