We hope that this message finds you well and you’re enjoying this spectacular fall weather we are having. With family and friends this weekend, remember to get outside and partake in a few more outdoor activities we are so lucky to enjoy living in the South Okanagan. Let’s see what the market is doing as we change seasons. While unit sales have slowed to a normal market pace, don’t let anyone tell you any different, the real estate market is always desirable in the South Okanagan which is evidenced by the continued price appreciation we are experiencing across the region.
354 properties were listed on the MLS® in the month of September in South Okanagan which is up 2.61% over September of last year. YTD 3532 properties have been listed which is down 3.02% over the same time in 2021.
107 properties traded hands in the South Okanagan in the month of September which is down 59.23% from September of last year. YTD 1677 properties have been reported as sold through the MLS® which is down 38.35% from the same time in 2021. This is a normal real estate market in comparison to sales reported in previous years.
Out of these 354 properties, 35 of them were listed in Summerland which is down 31.37% in comparison to September of last year. YTD our listing level in Summerland is up 4.22% with a total of 445 properties being offered for sale in 2022. There are currently 104 properties available for sale in Summerland.
Out of these 354 properties, 144 of them were listed in Penticton which is up 7.46% in comparison to September of last year.
YTD our listing level in Penticton is down 9.56% with a total of 1325 properties being offered for sale in 2022. There are currently 323 properties available for sale in Penticton.
In Osoyoos 11 properties traded hands in September and 237 YTD which is down 45% 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 appreciating 5% over last year in Osoyoos and 16.56% for all types of real estate in the South Okanagan. The Average Sale Price for a Single- Family Home in Osoyoos is $922,906.
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. While interest rates are rising with 2 more announcement dates still ahead of us this year, interest rates are still very affordable. If you are contemplating a purchase, you may wish to take advantage of the fall/ 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 an accurate asking and subsequent sale price that helps you MAXIMIZE the return on one of your biggest assets.
For all things home. Happy Thanksgiving
from our Home to Yours.
The Right Agent’s For Today’s Market!