February Market Snapshot

February Market Snapshot

Much Like February 2023 

North Okanagan Items of Note for January:

  • Prices up Year-over-Year.  Depending on the metric used pricing was flat or up slightly Year-over-Year.  The only negative growth was the Benchmark Price for townhomes which was down approximately 5% Year-over-Year
  • Unit Sales pretty much unchanged from 2023 (94 vs 95)
  • New Listings up significantly from last year - Active listings now only 3% below 10-year average
  • Overall North Okanagan market moves from Buyer's Market back to a Balanced Market.

North Okanagan Unit Sales were down 1% Year-over-Year (94 vs 95) but up 54% from January (61) - which is to be expected as we head towards the spring market.  February 2024 unit sales were 20% below the 10-Year Average of 118 unit sales (and 19% below the 23-Year average of 116).

One interesting item of note: If we omitted the years 2021 and 2022 (the peak of COVID sales) the revised 8-year average falls to 104 which would put February 2024 only 10% below average.  There is no denying that sales are slow, but looked at in this with this new slant they're not quite as slow as the ten year average would suggest.

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