A Solid Month in the North Okanagan

Items of Note for October

• Sales take a step back against the 10 Year Average.  October sales in the North Okanagan came in 13% below the 10 Year Average - this is after September sales figures came in just 3.7% below the 10 Year Average.  
• North Okanagan Year-over-Year sales up 18%.
• Central Okanagan sales down 4% Year-over-Year and 18% below the 10 Year Average
• British Columbia residential home sales down 10.2% Year-over-Year and come in 17.1% below the 10 Year Average.
• Bank of Canada lowers interest rate to 2.25%.  Next rate announcement December 10th.

Sales

North Okanagan Unit Sales were up 18% Year-over-Year (150 vs 127) which is 13% below the 10 Year Average of 172. 





 

Median Sales Price

• Median Selling Price was $624,500, which was down 7% Year-over-Year ($672,000), and down from Sept ($632,000). 

Average Sales Price

• Average Selling Price was $709,393 which is down 9% Year-over-Year ($780,252), but up from Sept ($690,329).
  
   

Benchmark Price

• Single Family Home Benchmark price is $773,400, which is up 4% Year-Over-Year and also up from September ($753,500)
• Townhome Benchmark price is $570,300, which down 2% Year-over-Year and down from September ($596,200).
• Condo Benchmark price is $314,800, which is unchanged Year-over-Year and also unchanged from September ($315,900). 
• The Overall Composite Benchmark Price for the North Okanagan was up Year-over-Year ($669,300 vs $651,000) and up from September ($663,100).

Composite Benchmark Selling Price for the North Okanagan since March 2020. 






New Listings hitting the market were up 4% Year-over-Year (201 vs 193) which is about 4% below the 10-Year average (209).  

Active Listings are up 5% Year-over-Year (945 vs 900), which puts the North Okanagan about 16% above the 10 year average (816) for the month of October.

The overall North Okanagan market continues to be in a balanced market.

The Sales to Active Listings ratio is 16% (Up from 15% in Sept, Aug, July, June and May). 
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 74% (up from 55% in Sept). 
Between 40-60% is considered a Balanced Market.  

Days to Sell Average is 79 days.  This is down Year-over-Year (81) but up from Sept (76).

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