South Okanagan Quick Market Update

Hi, Jeffrey Sefton here with your South Okanagan quick market update. We're looking at July 2024 to see what happened as far as the summary statistics are concerned. We're comparing with what happened in and since July 2023. 

 

 

 

Comparing 2023 to 2024 South Okanagan single-family homes were up by 14.9% in sales volume, so about 80 sales here. Benchmark price is $770,100 and that's down just 0.6% from the same time last year which shows that prices are holding compared to last year. Days to sell are up just a little bit, 7% over same time last year to 64 days on market. In 2024 it is taking 64 days on average to sell a property. As far as inventory, it is up slightly by about 30%, so we are seeing a growth in inventory, or number of homes available for sale.

 

If you look to the chart we've got an HPI (home pricing index chart) comparing last year to this year. Last year at this time, July 2023, we were at about $774,000 per home price and index benchmark and now we're very similar to what it was last year, same time. We've had a little bit of activity of course, going up a little bit, then down, and we're back to where we were same time last year price-wise as far as the home pricing index is concerned. 

 

 

 

Thanks for watching! If you're interested in finding out how your particular neighborhood and housing-type market is performing don't hesitate to reach out. Thanks again for watching!