South Okanagan Housing Market Snapshot: July 2023 Home Sales

Hello it’s Jeffrey with the South Okanagan Home Team, here to give you a market snapshot.

Looking at July 2023 and here we go.

Single Family Homes we are looking at sales up just a very tiny bit over last year. 1.3% over last year, the benchmark price of homes is down over the same time last year by 6.3% so a benchmark price for a single family home in the South Okanagan generally speaking is $765,600 dollars and as far as inventory we’ve got an increase in inventory so 34.8%. The number of homes is definitely up. 

So what that means for Sellers is you’ve got a little more competition, for Buyers there are few more opportunities for you. As far as days to sell right now for a single family home in the South Okanagan, 59 days so pretty much 2 months. That has increased over last year same time by 30.9%. If we are looking at townhouses and condos, townhouse sales volume is down just a little bit at 11.1%.  Pretty much inventory wise in each  category they are up so there is more inventory available as far as number of homes, condos and townhouses.

That is  your market snapshot for July 2023. Thanks for watching, we will see you next month.