June 2023 Market Update
As anticipated, spring has brought an increase in activity, resulting in the highest inventory levels since 2019. The market remains balanced with a healthy number of sales. However, our team has faced challenges in predicting sales prices due to the wide range and inconsistency in the market. This can be attributed to the limited availability of desirable properties, leading buyers with time constraints to pay a premium. Some well-priced homes are lingering on the market without motivated buyers. Furthermore, individuals relocating from larger cities continue to receive top dollar for their properties and exhibit less price sensitivity when purchasing in the Okanagan region.
Seller’s market = four months of inventory or less
Balanced market = four to six months of inventory
Buyer’s market = six months or more of inventory
If 100 active listings are available in a month, and 20 homes sold in the that
same month, then there is approximately 5 months of inventory.
