September 2023 Market Update with Katie Amos
The Fall Market is officially here and like the change of season, we have certainly seen a change in the market as well. For the last few months we have been in a balanced market but most recently we have officially edged into a Buyer's Market. Reason being, interest rates have increased significantly which has in turn affected Buyer's purchasing power and also has made them more "picky" when looking at homes and are taking longer to make a decision. It's not unheard of to have a Buyer view a home 1-3x and ask a lot of questions before writing an offer until they are VERY sure about moving forward. Buyers are very price sensitive so you need to make sure you are price according to market value or you will be used as a benchmark to help sell the surrounding properties.

Days on market is approximately 65 days and it can sometimes be higher for those in a higher price range or if more unique as well. We are steadily seeing more inventory come onto the market which is also why we are now in Buyer's market. Due to more inventory, we now have approx 8 months supply for single family homes, 6.9 month supply for townhouses and 7.7 for condos....which points us in the direction of a Buyer's market due to the numbers. Stat's don't lie!

The average home price for a single family home in Oliver/Osoyoos is between $650,000 - $850,000. Penticton is approximately $650,000 - $925,000 and Keremeos approximately $550,000 - $650,000. Please see attached for all the areas broken down in the South Okanagan for pricing and sales in your area.

Should you have any questions or want more information on your area or home, please don't hesitate to reach out to our team! 

June 2023 Market Update Based on May 2023 Sales

The May statistics have been released and it shows a decrease in sales by approximately 10.2% in the South Okanagan for the month of May; February and January we saw the lowest sales since 2009. Dollar volume is down by 0.7% with a 38% increase in current listings and a decrease in new listings by 6%.

The average property is selling within approximately 50-70 days and larger acreages and higher priced properties are selling on average around 70-118 days.

Buyers are still heavily looking but are very price sensitive due to substantial increase in interest rates and what they've been put through in the last 2 years due to the craziness of the market. Due to the shift in the market, we have started seeing price adjustments and new listings being priced more conservatively moving forward. As mentioned, the market right now is still active and busy with a lack of inventory but due to the last 2 years of craziness within the market and 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 balanced market that is not typical of a balanced market because we still don't really have a lot of inventory but days on market are up and so are the number of listings.

Active listings remain below what is typical of a Buyers market, but the falling sales activity means listings are staying on the market longer and we are not seeing the sales we once were. All this taken into consideration we have seen a change for the better since the spring market hit in March.

Should you have any questions on your market specifically please reach out

Attached are the most recent statistics for your review.


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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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