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.
