South Okanagan Housing Market Snapshot: Q3 Homes Sales

Real Estate Market Update Q3 2023 – South Okanagan

Quick overview on the South Okanagan single family home market. Looking at Q3, July, August, September 2023 compared to same time period last year.

We are up just a little bit in sales in the South Okanagan. 3.3% (sales volume) We are seeing a dip in other areas North Okanagan and Shuswap. As far as benchmark price we are at $783,600 down 3.2% over same time period last year.

Days to sell, taking a little longer over last year same time, just under 2 months Inventory – the number of single family homes for sale is up almost 32% we are seeing that rising. If we continue to see the inventory rising and should sales slow down at the same time that inventory is rising we may see downward pressure on home prices. We will see how that goes.

We are going into the fall market so it is typically where it slowing down at this time of year. Some buyers are standing on the sidelines due to interest rates while others are stepping up. Homes are selling provided they are priced according to the market.

Thanks for watching and see you at the next market update.

Cheers, Jeffrey Sefton South Okanagan Home Team Real Broker BC okanaganrealestatesearch.com