Market Information

September Market Report based on August 2022 Stats:

"Residential Real Estate Sales for the Month of August ... showing signs of returning to stronger market activity" Reports the Association of Interior REALTORS®

President Lyndi Cruickshank says, "This is a welcomed optimistic sign for a potential return of a balance market to come, sooner than anticipated."

The benchmark price for homes in the South Okanagan (Which includes Summerland, Penticton, Okanagan Falls/Kaleden, Oliver, Osoyoos, and Keremeos) saw increases in year-over-year comparisons across all categories.

The average number of days to sell a home is increasing from the red hot Spring Market but is still fairly low, however its important to note that this is the average for the entire region and this may vary depending on home and sub-region.

August is typically one of the slower months for Real Estate as people focus on the last of the summer and school approaching. It will be interesting to see how the fall market fares given that the Bank of Canada just announced another rate hike and the media is full of stories of Canadians debt levels.

Historically, rate increases effect the higher priced luxury homes first and can exert pressure on prices for recreational properties.

The Fall market typically means an increase in listings and savvy buyers will be watching for opportunities closely! As always a balanced market means price, and quality will be the determining factors.

July 2022 Market Update:

We hope you're having a great summer!

The market has shifted so we thought you'd like to know!

The market right now is still very active and busy with a lack of inventory but due to the last 1.5 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 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 but we are seeing longer days on market.

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.

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.

For Buyers, prices have started going down a bit and you have more time to see and write offers with actual subjects. However, we still don't have the inventory to meet Buyers demand so it is taking longer to find a place. If you're thinking about looking again, make sure you lock in your interest rate because they are expected to go up again.

Please let me know if you have any questions at all.

June 2022 Market Update:

After a long run this year with record sales and prices, the market is seeing a adjustment.

The market is still quite robust, but buyers are having a welcome opportunity to slow down the decision making process.

Residential Real Estate sales for the month of June are slowing after the recent mortgage rate interest hikes by the Bank of Canada.

In the South Okanagan the June sales totaled 174 in June - a decrease from this time last year of 24%

However the bench mark home price in the South Okanagan continued to show double - digit percentage increases in year-over-year comparisons.

Single family homes increased in price 15.4 % from last year

Townhouses increased by 27.9 %

and Condos increased by 20.7% from this time last year in the South Okanagan.

There is a healthy level of inventory at 802 active listings and good interest with buyers as days to sell are between 34 and 41 days.

"It is not unusual that mortgage rates are impacting market activity, specifically in the higher priced markets," Says Association of Interior Realtors President Lyndi Cruickshank.

"Our inventory is gradually picking up and supply is growing. This is benefitting both buyers and people looking to sell and move. As we don't expect any relief in terms of interest rates in the coming days, one will have to anticipate the market while pricing properties correctly." ~AIR President Lyndi Cruickshank

Market change can be nerve wracking as everyone tries to anticipate the market to their advantage of course. Pricing will continue to be a major focus as we ensure our client's homes are priced competitively. The South Okanagan remains highly desirable as a home buying location and factors such as the state of your home, and fresh updates will help move buyers towards your home.

If you have any questions please do not hesitate to call us!

May 2022 Market Update

We have started seeing some changes in the market and wanted to make sure all our client's were being kept up to date and answer any questions you may have!

The market is still in a Seller's market but we are seeing a change in how many sales and how quickly properties are moving.

For almost the entire year in 2021 we had record highs for sales each month, so to say sales are down does not mean they are low, they are just lower in comparison to a time of unusual real estate market activity. A number of factors are contributing to the shift in market status such as the current rising interest rate environment. This will naturally slow things down, the transition of which we are starting to see reflected in the number of sales and in the way real estate transactions are transpiring.

We are also seeing that buyers have become more picky, price sensitive and reflecting a slight softening of prices....which doesn't mean we will ever go back to the prices they once were but now you need to be priced well or you may take longer to sell.

There were 185 sales in May in the South Okanagan

(Summerland - Osoyoos,Keremeos, Princeton, Rockcreek & Bridesville).

Sales are down 24.9% from this time last year due to the lack of inventory.

The number of days on the market to sell a home in the South Okanagan for May was 26 days but that is an average for all the sales. But I would say the average in the South Okanagan is approximately 30-50 days now. The average single family sale price at $826,200 for single family homes in the South Okanagan; Oliver is $687,900, Osoyoos is $805,500, Penticton is $668,000 - $806,000 depending on area, Summerland is $788,900 and Keremeos is $559,300.

However, taking all this information into consideration, the market is still strong and moving forward pricing needs to be more conservatively set.

We currently have 316 listings in total in the South Okanagan (Summerland - Osoyoos, Bridesville & Rockcreek) which equates to a -7.1% drop in listings from this time last year....which is exactly why we are in a Seller's market right now. There is not enough inventory to meet Buyer demands but Buyers are more cautious when purchasing due to everything Buyers have gone through in the last 1.5 years as mentioned above.

Moving forward, you need to look at your area, market and characteristics of the property when writing offers or pricing the home.

Should you have any questions, please don't hesitate to ask!

South Okanagan, Vaseaux Lake, Oliver, Okanagan Falls

April 2022 Market Update:

The April statistics have been released and it proves the real estate market is making a shift showing signs of settling down after more than a year of historical high sales in the region. For almost the entire year in 2021 we had record highs each month, so to say sales are down does not mean they are low, they are just lower in comparison to a time of unusual real estate market activity.

A number of factors are contributing to the shift in market status such as the current rising interest rate environment. This will naturally slow things down, the transition of which we are starting to see reflected in the number of sales and in the way real estate transactions are transpiring. We are also seeing that buyers have become more picky, price sensitive and reflecting a slight softening of prices.

The number of days on market to sell a home in the South Okanagan is now 30 days with the average single family sale price at $771,000.

Taking all this information into consideration, the market is still strong and moving forward pricing needs to be more conservatively set.

Get In Touch

Katie & Sara Amos

Phone: 250-535-0509

katie.amos@century21.ca

Office Info

Century21 Amos Realty