There was another rate increase last week but looking at the positive side of things 310 people bought a home in October and 310 people sold a home in October. Our team was lucky enough to be a part of a few of those and have been consistently every month. People will always need a home to live in, don't get discouraged by the headlines, the Okanagan will continue to grow in size and there will always be people looking to live here.
310 total sales in October. Which was down from 340 sales in September and down from last year's sales of 595 sales last October and down from the 5-year average of 537 sales.
2,317 Total active listings which are down from August of 2372 active listings. The active listings are now up compared to the 5-year average of 2,256 listings which is the first month this has happened in the last 2 years.
October median days to sell stayed the same at 38 days and the average days to sell stayed the same at 50. **keep in mind a lot of properties are being relisted which makes this stat somewhat irrelevant.
This past week we saw 137 Price Reductions, 77 expired listings and 117 withdrawn listings.
Based on the sales and the number of active listings, the current months of inventory is sitting at 7.47 months for the overall market which is well within the balanced market range.
Single Family Residential Homes
Single-Family Sales 134
New Listings 400
Current Inventory 1,211 (1,232 in September and 644 last October)
Total Sold Dollar Value $160,132,000
Median Days to Sell 35
Average Days to Sell 48
Average Sale Price $1,195,015
Months of inventory 9.04
Townhome Sales 45
New Listings 122
Current Inventory 320
Total Sold Dollar Value $30,208,050
Average Days to Sell 53
Median Days to Sell 36
Average Price $671,290
Months of Inventory 7.11
Condo/Apt Sales 94
New Listings 175
Current Inventory 463
Average Days to Sell 54
Median Days to Sell 46
Average Price $525,020
Months of Inventory 4.93
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!
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker