After a Strong June Sales Slow in July

Items of Note for July:

• Unit sales slow down considerably from June (152 vs 210).  July 2023 hits 10 year low for July unit sales.  Unit Sales 26% below the 10 year average (205).
• Median Sales Price up 3% year-over-year but down from June 2023.
• Benchmark Sales Price for Single Family homes, Townhomes and Condos all down slightly from June 2023.
• The overall North Okanagan market back into a Balanced Market.

Unit Sales With only 152 Unit Sales July was 26% below the 10 Year Average of 205 Unit Sales.  And the 152 Unit Sales for the month is a 10 year low for July sales.

Median Sales Prices for the overall North Okanagan market was up year-over-year but was down slightly from June.  

• July Median Selling Price $637,000.  That is down from June's $649,950.  It is the lowest Median Selling Price since March 2023.

Benchmark Price for Single Family homes finally sees a small decline after increasing every month since January .

• Benchmark Price for Single Family homes in July was $778,300 - Down 1% from $785,800 in June.
• At $342,100 the Benchmark Price for Condos decreased 3% from June ($354,100). 
• Townhomes decreased less then half a percent from June. ($598,300 vs $600,400) 
   

The number of Active Listings is up 16% from 2022 (839 vs 722) but the number is still historically low and currently sits about 19% below the 10 year average of 1037 active listings for July. 

New Listings hitting the market were down 12% Year-over-Year (267 vs 302) and sits about 9% below the 10 year average of 295.

The overall North Okanagan market is now back into a Balanced Market after briefly moving into a Sellers Market in June.
The Sales to Active Listings ratio is 18% (down from 26% in June). Above 20-25% is considered a Sellers Market.
The Sales to New Listing ratio is 56% (down from 67% in June).  Between 40-60% is considered a Balanced Market.

Days to Sell Average remains unchanged at a low 55 days.


Central Okanagan

Sales slowed down in the Central Okanagan as well.  July's 408 Unit Sales is 23% below the 10 year average of 527 for July.  It was also a significant drop from June's 504 sales.

June saw 995 New Listings hit the market which is 13% above the 10 year average of 882.  And the 2446 Active Listings, is 4% above the 10 year average of 2346.  So the Central Okanagan continues to be one of the few areas that of hasn't really been effected by low inventory levels.

The Benchmark Price for Single Family homes in the Central Okanagan is currently $1,063,700 which is unchanged from June
The Benchmark Price for Townhomes Benchmark Prices dropped 2% while Condos dropped just over 3%.

Conclusion

After a strong June for sale figures it appears that July has taken some wind out of the sails (sales).  June is typically the strongest month for sales so seeing a decline month-to-month from here to the end of the year should not come as a surprise. 

It does appear that price increases have flattened out the past couple months.

The key numbers moving forward, for the North Okanagan, is how much below the 10 year average sales and new listings remain and what effect this has on prices. 

And also what happens with interest rates (up, down or unchanged) as we move through the second half of the year.

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If you or someone you know is looking to buy or sell and need help don't hesitate to call, txt or email.?  My door is always open.