September 2022 Real Estate Update

Dated: September 19 2022

Views: 76

Fall is in the air with these sudden lower temperatures. We had one of the best summers I can remember, a bonus compared to May and June.

At the start of last month, it seemed everyone was on holidays or out of town, it was a very slow August, but the last couple of weeks, activity seemed to increase a bit again.

We are down in Sales in all categories of homes with an average Sales down: Central Okanagan 26%, North Ok 34%, Shuswap 23.9%, South Ok 36.6%, Kamloops 42.50% and Kootenays 37% with an average of 32.6%.

Kelowna still seems to be the busiest market in Sales and Benchmark prices are actually slightly up to $1,017,500.- for single family homes, North Ok $739,000.- and South Ok $791,000.-

Inventory is going up and we are having more of a balanced market. Luxury homes over $1.8 Mill and up have the biggest price reductions. Having said that there were 4 condos sold over $3 million, plus an additional 9 condos over $1 million this past month. I also recently sold a waterfront acreage for $7.8 Mill and a new listing came on for $22 Mill in Lake Country.

Sellers often have to downsize their expectations, but that is just where the market is going. With another interest hike happening, 20% of Buyers will not qualify for the home they wanted to buy. They might have to wait till rates eventually go down again, come up with a larger down payment, or buy something that is less expensive.

Listings are staying on average on the market in Central Ok 42 days, North Ok 51 days and Shuswap 99 days, South Ok 47 days. Summer buyers are gone from the Shuswap, that is why it is so very slow there now.

Active listings are up on average 61%! Definitely a big change from the past 2 years. Across the Province housing activity remains well below normal but is showing signs of stabilizing.

Please see detailed prices and statistics for areas in the link below:View Okanagan/Shuswap Stats PackageWishing you a wonderful September and if you would like to know what your home is worth in today’s market, please don’t hesitate to reach out.

Always working in your best interest.

Best wishes,

Annette and TeamQuote of the day:  Courage is never to let your actions be influenced by your fears.

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Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star

 

www.moveokanagan.com

Not intended to solicit properties currently listed for sale/under contract. Based on MLS® active residential listings taken & sold units as reported by Association of Interior Realtors® in 2022 and YTD August 2022 for Central Okanagan.

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Annette Denk

Annette has been in Real Estate since 1994. Her determination to uphold a tradition of trust, integrity, and expertise has earned her a long list of satisfied clients who recommend her at every opport....

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