Bringing you important insight to our real estate market, driven by years of experience and proven success in any market.
October is Stats Month!
It’s October, and we find ourselves navigating uncertain times in the real estate market. Our intention isn’t to sow fear but rather to provide guidance for your real estate decisions. A common question that arises is whether it’s advisable to delay listing your property until the market improves. To be candid, we can’t predict when that improvement will occur or how long you might need to wait for your home to increase in value. The key advice we offer is this: if your property’s current value falls short of your expectations, consider the market conditions for the type of property you intend to move to. Is there a correlation? If you sell for less will you buy for less?
Our team takes pride in working with clients to see the bigger picture, and sometimes, a subjective approach can be valuable in achieving your life goals. We often pose the question: “If you can’t achieve the desired price for your property now, are you prepared to wait for several years until that golden number is attainable?”
We have provided a 20 year comparison of the number of sales in Penticton and the South Okanagan to show that it can take time for markets to recover to previous peak values.
The underlined years indicate the cycle of a down or level market.
20 YEAR COMPARISON PENTICTON ANNUAL SALES
2023 – 600
2022 – 714
2021 – 1158
2020 – 790
2019 – 707
2018 – 789
2017 – 998
2016 – 941
2015 – 815
2014 – 687
2013 – 562
2012 – 531
2011 – 496
2012 – 561
2009 – 601
2008 – 624
2007 – 935
2006 – 873
2005 – 824
2004 – 804
20 YEAR COMPARISON SOUTH OKANAGAN ANNUAL SALES
2023 – 1198
2022 – 1461
2021 – 2371
2020 – 1663
2019 – 1349
2018 – 1571
2017 – 1966
2016 – 2100
2015 – 1593
2014 – 1383
2013 – 1108
2012 – 1084
2011 – 1013
2012 – 1020
2009 – 1101
2008 – 1197
2007 – 1948
2006 – 1695
2005 – 1871
2004 – 1735
What’s happening in the fall market?
“Typically the fall market starts to pick up momentum in September,” AIR president Chelsea Mann said in a press release. “However, sales activity for the month suggests that the weight of high interest rates continues to bog down both buyers and sellers. Many buyers and sellers have seemingly hit the brakes on their real estate efforts and have taken a wait-and-see approach, hoping for the cost of borrowing to lighten.”
“The market slowdown does not however mean that there aren’t still deals being made. Homes that are priced appropriately to reflect current market conditions are still being sold at an even pace.”
– Quote taken from Castanet article October 5, 2023
