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. South Okanagan Real Estate Market Update, Dec 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 SeftonSouth Okanagan Home TeamReal Broker, BC250-244-1762

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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 Market5 to 8 is a Balanced Market8 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.

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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

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