South Okanagan Real Estate Market Snapshot Oct 2023

Welcome to your South Okanagan Real Estate Market Snapshot for October 2023.
We are just going into November, so we are looking back in what happened in October 2023 here, and we are comparing that to what happened last year same time period.
Single Family Homes: The number of homes selling has declined just a little bit to 19.4 percent. The benchmark price is holding, we have a slight decline of 0.5 percent.
Days to sell is increasing. So it's taking a little longer, 72 days on market to get a home sold. Inventory, the competition for homes is starting to increase so more homes on the market.
Overall this is just a general stat, if we are looking at how the market is performing, it is performing different in different neighbourhoods and housing types. If you are interested in learning more about your particular neighbourhood, don't hesitate to reach out.
Townhouses: 13 sales up in sales volume over last year by 30% (approx 4 units over last year) Benchmark price down by 6.5% to $508,200 and days to sell 62 while inventory of available townhomes up over last year by 41.7%.
Condos: 26 sales volume down from last year same time by 7.1% while benchmark price is holding, just 0.9% down. Days to sell is increasing to 105 days on market and inventory of available condos is up 66%.
Note for Real Estate Sellers: It's taking longer to sell a home in the current market . Be sure so take this into consideration with your plans and timelines.
Note for Real Estate Buyers: There are more properties to choose from so you have more choice and in most situations you will not be competing with other buyers for a property.
If you'd like to know how this affects your real estate goals and your situation please reach out.
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Jeffrey Sefton is an Oliver, BC Real Estate Agent. As a member of the South Okanagan Home Team with Real Broker, BC., Jeffrey specializes in residential real estate listings (home sales), and assists people in relocating to the sunny South Okanagan. His primary service areas include Oliver, Osoyoos, Okanagan Falls and Penticton. Don't hesitate to contact Jeffrey to get your home sold for top dollar or to find your next home in the Okanagan.
Jeffrey Sefton
South Okanagan Home Team
Real Broker BC
okanaganrealestatesearch.com