Buyer’s Market: South Okanagan Market Update for November 2023

Hello, Jeffrey Sefton here with your South Okanagan Real Estate Market Update.

We are looking at the number of homes sold in November 2023 (All Housing Types) The number of homes sold, 75. Active listings 1,095. We are officially in a Buyers market with 14 months of inventory.

• Less than 5 months of inventory is a Seller’s Market
• 5 to 8 is a Balanced Market
• 8 or more is a Buyer’s Market

Right now we are seeing plenty of offers that are subject to sale, so there are accepted offers on homes where the buyers are waiting for their home to sell in order to complete the sale. The majority of offers are coming in under asking, but there are a few anomalies that occurred in price points under $400,000 and one in a price point at $700,000. 4 of those properties sold at full ask and 3, just a little over asking.

Let’s take a quick look of sales of Single family home in the South Okanagan for Nov 2023 compared to last year – same time.
The number of homes that sold is down 42%
It’s taking longer for a home to sell 89 days on market, 3 months.
The number of homes on the market is up by 54%

Considering that – It’s interesting is that the benchmark price up by 4.7% over same time last year

Home Buyers:
Currently there are more opportunities for those looking to buy. In general buyers are not competing with other buyers and have time to evaluate and make decisions. It will be likely to continue this way until we see a relaxation in interest rates.

Home Sellers:
Be prepared with your timing as the average time to sell is 3 months. You will need time to prepare your home for sale, launch it to the market and once you get an accepted offer, tack on another 60 days or so for completion and possession.

Thanks for watching and don’t hesitate to reach out if you have any questions on the market in your neighbourhood.