September 2023 Market Update
In the South Okanagan, August has a history of being a slower month for real estate. When we look at the numbers, we see that this August is quite similar to the same time last year in terms of the number of homes sold. However, there’s a significant difference in the number of homes available for sale. We currently have 139 more homes listed for sale compared to last year.
This increase in the number of homes available for purchase, combined with the number of sales, has shifted the meter into the Buyers market zone.
Looking ahead to September, we anticipate a substantial increase in the number of new listings. This means that we could have the highest inventory of homes available for sale since November of 2020.
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.
