We are officially moving into spring market time! 

The market had a slow start in January/February with a decrease in sales by approximately 36.3% in the South Okanagan for February and January; We saw the lowest sales since 2009. 

Although sales are down, inventory still is very low and we do not have the inventory to meet Buyer demand. Buyers are still heavily looking but are very price sensitive due to interest rates and what they've been put through in the last 2 years due to the craziness of the market. With a shift in the market, we have seen a settling of prices l with new listings being priced more conservatively and current listings doing price adjustments to meet the change in the market. However, spring is almost here and we expect it to pick up and we have already started seeing it do so. The lower mainland and Kelowna have started moving so we will see it very soon in the South Okanagan.

The market right now is still active and busy but with interest rates rising significantly, it has affected how Buyers interact within the market and their purchasing power. As a result, we are now in a Buyers market, no longer the Seller's market we've seen in the last 2 years with average 45-60 days instead of 7-14. Listings across BC have increased 36.8%; Active listings remain below what is typical of a balanced market, but the falling sales activity means listings are staying on the market longer. With the market changes, we just need to bridge the gap between the Buyer and Seller expectations and the settling of prices.

Taking all of this into consideration, as a Buyer you should be aware of the price adjustments and lock in your interest rate. Sellers, you need to be priced more conservatively and competitively to stand out from the other listings on the market or else you'll be used as a benchmark to sell the other listings. Please see attached for the South Okanagan statistics as a whole and broken into each market segment. 

We are officially through the first month in 2023 and what a great January it was! We did see a lot of changes with regards to legislation and rules within Real Estate but even with all the changes and a settling of prices, the market still continues to move forward.

With that being said, moving forward into 2023, you will also need to adjust your expectations as well. We have seen a settling of prices and the market has adjusted by approx 20% so we aren't seeing prices like we once saw in 2022 and we are seeing longer days on market. This is to be expected, given the large increase in interest rates, the cost of living and building...which all play a large factor in Real Estate. The average days on market right now is approximately 60-120 days depending on the listing. Price ranges $350-$750,000 are all moving within that timeline but higher end properties or farms with a higher price point are taking longer to sell and you should more realistically expect a minimum of 120-180 days on the market.

Although we still have a lack of inventory, we are seeing a lot more come onto the market. 

That means Buyers have more options and Sellers need to price their properties according to market value or they will be used to help sell the properties who do. 

Please see attached for the average price for homes in each of the areas we cover and information on inventory as well. Should you have any specific questions regarding your area or type of property, please don't hesitate to reach out!     

Get In Touch

Katie & Sara Amos

Phone: 250-535-0509


Office Info

Century21 Amos Realty

6212 Main Street  Oliver,  BC  V0H1T0
Office number: 250-489-4844 

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