Okanagan Market Update: South and Central Okanagan Home Sales - Sept 2024

Hi, I’m Jeffrey Sefton, here with your Okanagan market update. Today is October 7th, 2024, and we’re reflecting on the sales trends in the Okanagan for September 2024 compared to the same time last year.

 

We’ll focus on the Central and South Okanagan, providing a general overview. In terms of units sold, we saw a modest increase of 0.4% compared to last year, which is quite minimal and indicates a flat market. In the South Okanagan, there was no change at all.

 

Looking at dollar volume, the Central Okanagan experienced a decline of 3.4% from the same time last year, while the South Okanagan saw a more significant drop of 12%. Regarding active listings, we’re seeing an increase of 33.8% in the Central Okanagan and 32.3% in the South Okanagan.

 

There are plenty of properties on the market right now, and buyers are being cautious, taking their time before making decisions.

 

I’d like to highlight the potential of micro-markets, which can exist within larger geographical areas. For instance, the South and Central Okanagan are broad regions, but they contain various micro-markets that can differ significantly in the real estate landscape. These micro-markets can be based on geographical locations, housing types, or price points. For example, activity may move more quickly in lower price points, and there can be differences between city areas and rural locations, with one experiencing higher sales volumes than the other. Additionally, certain housing types—like condos versus houses—may perform differently, and various neighborhoods within a city may also show diverse performance levels.

 

The demographics of a neighborhood can play a crucial role; a specific area might do better because it attracts a certain type of buyer looking for a particular housing style. I mention this because

 

I frequently get questions from buyers and sellers about why their neighbor’s house is selling while theirs isn’t, even when they’re just a mile apart. The answer often lies in these different micro-markets.

 

Other factors can also come into play, such as pricing—it may not be set correctly—or the property might not be show-ready.

 

Thank you for watching, and I’ll see you next month!

 

Cheers!

 

Jeffrey Sefton

Okanagan Home Team

Real Broker

250-244-1762

okanaganrealestatesearch.com