September 2023 Market Update with Katie AmosThe 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!
