What Is Happening in the South Okanagan?
We hope that this message finds you well and you’re enjoying what is promising to be an extended summer! 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.
399 properties were listed on the MLS® in the month of August in the South Okanagan which is up 2.84% over August of last year. YTD 3179 properties have been listed which is down 3.58% over the same time in 2021.
Penticton Market Update
Out of these 399 properties, 124 of them were listed in Penticton which is down 22% in comparison to August of last year. YTD our listing level in Penticton is down 11% with a total of 1182 properties being offered for sale in 2022. There are currently 362 properties available for sale in Penticton.
142 properties traded hands in the South Okanagan in the month of August which is down 43% from August of last year. YTD 1566 properties have been reported as sold through the MLS® which is down 36% from the same time in 2021. This IS a normal real estate market in comparison to sales reported in previous years.
In Penticton 68 properties traded hands in August and 686 YTD which is down 35% 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 appreciating 13% over last year in Penticton and 15.76% for all types of real estate in the South Okanagan.
The Average Sale Price YTD for a Single Family home in Penticton is $913,992.
Summerland Market Update
Out of these 399 properties, 42 of them were listed in Summerland which is down 19% in comparison to August of last year. YTD our listing level in Summerland is up 9% with a total of 410 properties being offered for sale in 2022. There are currently 146 properties available for sale in Summerland.
142 properties traded hands in the South Okanagan in the month of August which is down 43% from August of last year. YTD 1566 properties have been reported as sold through the MLS® which is down 36% from the same time in 2021. This is a typical real estate market in comparison to sales reported in previous years.
In Summerland 22 properties traded hands in August and 195 YTD, down 27% from 2021. You will notice that Summerland and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home appreciating 3.58% over last year in Summerland and 15.76% for all real estate types in South Okanagan.
The Average Sale Price YTD for a Single- Family Home in Summerland is $918,734.
Osoyoos Home and Condo Action in August
Out of these 399 properties, 55 of them were listed in Osoyoos which is up 12% in comparison to August of last year. YTD our listing level in Osoyoos is down 4% with a total of 506 properties being offered for sale in 2022. 142 properties traded hands in the South Okanagan in the month of August which is down 43% from August of last year. YTD 1566 properties have been reported as sold through the MLS® which is down 36% from the same time in 2021. This is a normal real estate market in comparison to sales reported in previous years.
In Osoyoos 19 properties traded hands in August and 224 YTD, down 43% 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 15% over last year in Osoyoos and 15.76% for all types of real estate in the South Okanagan. The Average Sale Price for a Single-Family Home in Osoyoos is $629,865.
Buyers
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 3 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.
Sellers
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.
