We cant believe 2024 is near over! With that said November 2024 is in the books and here’s how things are shaping up for South Okanagan Real Estate.
Residential Sales (all property types) this November 2024 saw an uptick in activity which is great to see and undoubtedly due to interest rate drops and price adjustments since August of 2023. The South Okanagan Region saw $68.4 Million in November in 121 sales which is an increase of 61.3% year over year. Inventory is still higher than what we are used to seeing at 10 months of inventory and 1192 active listings. (Image below)
Single Family Homes in the South Okanagan saw increases in Sales as well, by an outsanding 74% and 54 units while we had slight decreases in Benchmark values and Days on market at 8%. (Image Below)
Townhouse properties in the South Okanagan saw increases in Sales(75%), Inventory(5%) and Days on market(25%) and decreases in Benchmark Value at 3%. (Image Below)
Similarily to the townhouse stats, Condo and Aprtments in the South Okanagan also saw increases in Sales(57%), Inventory(43%) and Days on market(134%) with a decrease in Benchmark Value at 9%.
With some of the recent interest rate changes, buyers are back and feeling far more comfortable again which will absolutely create both upward presure on home values and bring inventory levels down. We will keep you all posted right here in our blog and as always, dont hesitate to reach out if you have any questions about your buying/selling journey or need to know more about your properties value in todays market!
Jean and Shelly
