okanagan Archives - macdonald realty

December 2023 – Lower Mainland Monthly Update

by Macrealty Marketing Team | Dec 5, 2023 | Market Updates

November 2023 – Lower Mainland Monthly Update

At 6.6 Months of Inventory, Prices have traditionally softened.

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.

Sales

Sales (2,593) were about the same as a year ago (2,453), and were 25% below the 10-year average (3,988).

Cumulative Year-to-date Sales

2023 will likely end up as one of the slowest years in recent memory as sales (38,756) remain far below the 10-year average (49,202).

Inventory

Inventory (17,185 active listings) fell slightly from the previous month, but remain above the 10-year average for the first time since Nov 2020 (16,397 average).e).

Sales to Active Listings

Low sales and rising inventory have the Sales to Active Listing Ratio at 15%, indicating softening prices.

Months of Inventory

Similarly, Months of Inventory rose to 6.6 MOI, indicating a slow market and softening prices.

Want to learn more about these stats or discuss your move to Macdonald Realty?

Check out careersinbcrealestate.com to connect today!

Okanagan Real Estate Market Statistics – November 2023

by Macrealty Marketing Team | Dec 5, 2023 | Market Updates

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in November 2023.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 108 sales, 1,080 active listings, and $991,700 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 62 sales and 581 active listings at the end of the month. The average sale price was $496,200. Townhome sales were 34, active listings were 328 and the average sale price was $756,500. It’s a buyer’s market in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $734,800. At the end of the month, there were 54 sales and 356 active listings. There were 13 sales and 56 active listings for condos. The average sale price was $332,300. In comparison, townhomes featured 12 sales, 68 active listings and a $545,100 average sale price. It’s a buyer’s market for houses in North Okanagan.

South Okanagan

There were 34 sales, 492 active listings, and $767,100 average sale price for detached homes in the South Okanagan market.
The condo market featured 21 sales and 190 active listings at the end of the month. The average sale price was $456,100. Townhome sales were 8, active listings were 124 and the average sale price was $523,700. It’s a buyer’s market in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan?

Macdonald Realty has offices in Kelowna and across BC. Please email [email protected] or call 1-877-278-3888 to be matched with a REALTOR^® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

Okanagan Real Estate Market Statistics – October 2023

by Macrealty Marketing Team | Nov 3, 2023 | Market Updates

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in October 2023.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 111 sales, 1,144 active listings, and $1,025,700 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 76 sales and 534 active listings at the end of the month. The average sale price was $517,300. Townhome sales were 45, active listings were 330 and the average sale price was $739,100. It’s a buyer’s market in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $755,400. At the end of the month, there were 74 sales and 395 active listings. There were 9 sales and 59 active listings for condos. The average sale price was $345,800. In comparison, townhomes featured 29 sales, 77 active listings and a $564,700 average sale price. It’s a seller’s market for townhomes in North Okanagan.

South Okanagan

There were 54 sales, 497 active listings, and $741,800 average sale price for detached homes in the South Okanagan market.
The condo market featured 26 sales and 201 active listings at the end of the month. The average sale price was $447,300. Townhome sales were 13, active listings were 136 and the average sale price was $508,200. It’s a buyer’s market in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan?

Macdonald Realty has offices in Kelowna and across BC. Please email [email protected] or call 1-877-278-3888 to be matched with a REALTOR^® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

November 2023 – Lower Mainland Monthly Update

by Macrealty Marketing Team | Nov 2, 2023 | Market Updates

November 2023 – Lower Mainland Monthly Update

At 6.1 Months of Inventory, Prices are expected to Remain Flat.

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.