South Okanagan Market Update Dec 2023: What’s happening in the Real Estate Market

Jeffrey Sefton here with your South Okanagan Market Update. We are just in January 2024 and we are looking back to see what happened in December 2023.

We are looking at single family homes in the South Okanagan, number of homes sold 29, down 19.4%. Benchmark price is up just slightly at 3.7% to $714,300 and the days on market, the number of days to get a home sold is about 3 months. That’s up a little bit compared to same time last year. As far as inventory, that has been rising as well so more homes coming on the market.

It’s quite interesting, maybe a little bit deceiving when you see the price going up here 3.7%, the reality of the market looking at the home pricing index. The MLS home pricing index is displaying that prices are beginning to decline.

While they are over where they were last year, slightly, they are starting to go in a downward trajectory. It’s too early to tell right now if that will become a trend or not as we’ve only seen one month but we will see as we move into the new year. If the number of homes increases that are coming onto the market and the market doesn’t uptick as far as sales to keep up with that, we could see this price continuing to go down. It looks like it just going down slowly.

What I would say right now is, Buyers if you are ready to buy, get yourself pre-approved. You can get a rate hold for 120 days. If the interest rate ends up going down you can lock in at a lower rate when you purchase.

As far as Sellers, you might want to consider if you are ready at this point get your home on the market and you are thinking of selling. Don’t wait until the Spring market when things are starting to…… you are getting more competition with other people selling. Now is the time to get it on the market if that’s what you want to do.

Thanks for watching, I will see you next month.

Jeffrey Sefton
South Okanagan Home Team
Real Broker, BC
250-244-1762