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Real Estate Market August Statistics


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Bank of Canada increased interest rates another 0.75% today, what will the impact be? Also a look at the Central Okanagan real estate statistics for the month of August.



What to watch this week is the Bank of Canada's rate adjustment just announced today another increase of 0.75%. Compared to July, in August, we saw sales rebound by about 100 additional sales after significantly low sales in July as buyers and sellers come to terms with the new environment of higher rates. With rates still on the rise, however, it is tough to know where the tipping point is.

  • 406 total sales in August (Which was up from 305 sales in July and but down from last year's sales of 561 sales last August)


  • 2,458 total active listings which surprisingly is exactly the same as the end of July's active listings. The end of August listings are down compared to the 5-year average of 2,585 listings but up from 1,379 last year. Currently, we are sitting at 95% of the average amount of listings for this time of year based on average which is signifying nearing a balanced market.


  • August median days to sell increased slightly to 34 days and the average days to sell increased from 6 days to 44 days on market.

  • This past week we saw 131 Price Reductions.


  • Based on the sales and the number of active listings, the current months of inventory is sitting at 6.05 months for the overall market which is well within the balanced market range.

Single Family Residential Homes

  • Single-Family Sales 178

  • New Listings 469

  • Current Inventory 1,304 (1,337 in July and 685 last August)

  • Total Sold Dollar Value $193,119,900

  • Median Days to Sell 36

  • Average Days to Sell 43

  • Average Sale Price $1,084,910

  • Months of inventory 7.33

Townhome Activity

  • Townhome Sales 54

  • New Listings 115

  • Current Inventory 292

  • Total Sold Dollar Value $40,318,100

  • Average Days to Sell 57

  • Median Days to Sell 36

  • Average Price $746,631

  • Months of Inventory 5.41

Apartment/Condo

  • Condo/Apt Sales 126

  • New Listings 247

  • Current Inventory 500

  • Average Days to Sell 40

  • Median Days to Sell 31

  • Average Price $682,653

  • Months of Inventory 3.97

Let me know if there is anything I can do for you!

Have a great week and feel free to reach out with any questions!

Mark



Mark Coons


Personal Real Estate Corporation

Coldwell Banker Horizon Realty

2021 Top 3% Internationally Coldwell Banker


Mobile: 250-801-0361

Email: markcoonsrealty@gmail.com