We are officially in full summer mode in the South Okanagan! The heat is here and things have started shifting, not only weather wise but the market as well.
The market right now is still very active and busy, with a lack of inventory.
Due to the last 1.5 years of craziness within the market and interest rates rising significantly, there has been an effect on how Buyers interact within the market and their purchasing power.
We are now in a balanced market instead of the Seller's market we've been in the last 1.5 years.
Listings across BC have increased 16.4% from this time last year and we are seeing longer days on market as well. Active listings remain below what is typical of a balanced market, but the falling sales activity means listings are staying on the market longer. Sales are down 16.8% in the South Okanagan overall.
Due to the shift in the market, we have started seeing price adjustments and new listings being priced more conservatively moving forward.
Local stats include:
OLIVER: Average sales price for:
- Single family home: $675,000
- Townhouse: $461,600
- Condo: $308,100
OSOYOOS: Average sales price for
- Single family home : $796,600
- Townhouse : $678,700
- Condo : $429,500
OKANAGAN FALLS: Average sales price for
- Single family home: $657,600
- Townhouse: $692,000
- Condo: $372,900
PENTICTON: Average sales price for
- Single family home: $660,000-$805,000
- Townhouse: $507,000 - $656,000
- Condo: $473,000
SUMMERLAND: Average sales price for
- Single family home: $768,000 - $1.1 million
- Townhouse: $543,500
- Condo: $375,000 - $402,800
KALEDEN: Average sales price for
- Single family home: $1.1 million
- Townhouse: n/a
- Condo: n/a
KEREMEOS: Average sales price for
- Single family home: $546,300
- Townhouse: $476,900
- Condo: $250,000
We are seeing an adjustment in prices but we aren't going to see the prices we once did 1.5 years ago.
There is a bit of a softening in prices right now but now is still a good time to capitalize on the pricing if you've gained equity in your home.
Buyers, you'll want to lock in those interest rates!
They've gone up and they may go up again with the Bank of Canada trying to correct the market.
If you have questions on pre-approval or what the first steps are to getting into the real estate market please don't hesitate to ask!
On the other side of the coin, if you are considering selling, please let us know if you want to the process or an idea of what the value of your home is.
Stay cool and have a great summer!
Vaseaux Lake Between Oliver and Penticton