After a long, hot summer, real estate in the South Okanagan has gone through some significant changes. Since the beginning of 2022, real estate in Canada has undergone extreme highs and terminal lows. However, August presented buyers and sellers with a calmer market—one that has not been seen in a very long time. The excitement of more even sales conditions has allowed for more activity within the market. In this article, we will be going over a quick market update, followed by the latest market statistics (August 2022). Follow along below to discover more about this will affect buyers and sellers looking for a property in Penticton!
How Will New Market Conditions Affect Those Buying/Selling a Property in Penticton?
Summer has come to an end, and with it seems to be the rocky real estate conditions. The South The Association of Interior REALTORS® released the latest market statistics just a few weeks ago. These stats indicated that real estate within the South Okanagan is having increased activity. According to August’s residential home sales, it is likely that the future will remain steady. Market activity has shown signs of stability over the last few months and experts don’t expect this to stop in the coming months.
In months, previous, real estate experts began to see signs of the market cooling off. This was much needed after months of record high prices and scarce inventory. Now, inventory is picking back up with more and more homes hitting the market. For buyers, this is good news. More inventory equals less competition and better prices. Because of this, many buyers are now coming out and looking for a home—both inside and outside the community. However, increased inventory also takes some of the pressure off of sellers. Much of the hesitation people felt to list their homes for sale has subsided. Which, is helping bring the market back to an equilibrium.
While August is usually one of the quietest months of the year for real estate, September is generally the opposite. Come September first, many families get back into the market or pull the trigger on buying a home.
Although buyers have far more selection than a few months ago, inventory is still minimal. The market has come leaps and bounds from where it once was, but people need to consider that it is revitalizing from an all-time low. However, things are expected to level out within the next months. Lower prices, more inventory, and stability are on the horizon.
Market Stats on South Okanagan Real Estate.
As mentioned above, the August market statistics for South Okanagan real estate are promising. Sales for single-family homes were down 41.8% year-over-year which isn’t uncommon for the month of August. Prices went up 12.7% ($791,000) and it took an average of 47 (-15.8%) days for single-family homes to sell. During August, there were 361 (+31.3%) homes listed on the market.
As for townhomes, sales were also down by 43.3% compared to August of 2021. The benchmark price for a townhome was $557,400. Thus, indicating a 9.1% jump in price. On average, it took 47 (-3.8%) days to sell a townhome and there were 112 (+77.8%) townhomes listed in August.
Finally, condo sales in the South Okanagan were down 21.6% year-over-year. Furthermore, the benchmark price was $459,400, which is a 21.1% increase since August 2021. In addition, it took 25.5% fewer days to sell a condo/apartment with the average home remaining on the market for 39 days. Lastly, inventory was up 3.7% to 112 from last August.