More of the Same
North Okanagan Items of Note for November:
- 103 Unit Sales - Up 4 Sales Year-over-Year, but well below the 10 Year Average of 134.
- Prices - for the most part - continue to soften since early summer.
- The North Okanagan is in a Balanced Market.
Unit Sales While North Okanagan Unit Sales were up slightly Year-over-Year (103 vs 99) sales are still sluggish compared to the 10-Year Average of 134 Unit Sales and even the 21-Year Average of 121 Unit Sales.
Median Sales Price
- Nov Median Selling Price was $587,200. That is down from Oct's $631,500 but unchanged Year-over-Year ($587,200 vs $588,000).
Benchmark Price after a bounce-back month in Oct for all product types the Benchmark Prices declined across the board in Nov.
- While Townhome prices were only down slightly Year-over-Year, Nov's $545,100 is the lowest Benchmark price for Townhome's since April 2022.
New Listings hitting the market were down slightly Year-over-Year (146 vs 159) which is about 9% below the 10 year average (161).
Active Listings are up 22% from 2022 (740 vs 607) and are only 5% below the 10 year average of 780.
The overall North Okanagan market continues to be in a Balanced Market.
The Sales to Active Listings ratio is 14% (down from 17% in Oct). Between 12-25% is considered a Balanced Market.
The Sales to New Listing ratio is 71% (up from 62% in Oct). Between 40-60% is considered a Balanced Market.
Days to Sell Average is 61 days. This is up from 56 in Sept and 55 in Nov 2022.
Central Okanagan
Unit Sales in the Central Okanagan continues to be very slow. If you recall October sales were 40% below the ten-year average and Sept was 43% below the ten-year average. November's 230 sales is 38% below the ten-year average of 372 and 9% below last year's 252 sales.
November saw 657 New Listings hit the market (up from 500 last year) which is a ten-year high and also 11% above the 10-year-average of 592.
And the 2403 current Active Listings is 27% above the ten-year average of 1892.
With a Sales to Active Listings ratio of 10% and Sales to New Listings ratio of 35% the Central OK remains in a Buyer's Market.
The Benchmark Price for Single Family homes is $971,300 (down 3% from $1,025,700 in Oct). This is the first time the Benchmark Price for single family homes in the Central Okanagan has fallen below the $1,000,000 mark since February 2023.
The Benchmark Price for Townhomes increased 2%, while Condo prices decreased 4% from Oct.
Conclusion
The overall trend is still one of a slowing market - especially as we head into what is traditionally the slowest four months of the year for sales.
Given that inventory is finally back where it should be and with slower than average sales we should expect the market to remain fairly flat until spring or until we start to hear of possible interest rate cuts from the Bank of Canada. Speculation right now is that we shouldn't expect any cuts until the latter part of 2024.
Given the market, there may be some good opportunities for buyers through the winter months.
For those people who can only buy a home subject to selling their current home the next half year may be their best opportunity to do so. If the experts are correct about pent up demand just waiting for interest rates to come down, once interest rate drops are announced it may get much more difficult to buy a home subject to selling.
If you or someone you know is looking to buy or sell a home (anywhere in the province) and need help don't hesitate to call, txt or email.? My door is always open.
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