January 2025 is in the books and with that said, here’s how things are shaping up for South Okanagan Real Estate for the new year.
Residential Sales for all property types in the South Okangan (excluding land sales) this saw quite an uptick in activity which is great to see and undoubtedly due to yet another interest rate drop and price adjustments since August of 2023. The South Okanagan Region saw $66.9 Million dollars in sales volume, a 69% increase by logging 105 sales an increase of 75% year over year. Inventory is still higher than what we are used to seeing at over 10 months of inventory and 1057 active listings, which is yes antoher increase to record year over year of 16%.
The breakdown for Single Family Homes specifically in the South Okanagan saw increases in all 4 categories, sales where up 65% at 43, Benchmark values were up by 11% to $769,200, Inventory levels for single family homes grew 11% and the recorded days on market increased by 5% and 103 days on market as shown abouve.
In the townhouse relm, sales increased 78%, benchmark prices as well by 8%, and inventory came up year over year by 19%, while we saw decreases in days on market by 20%.
For the Condo/Apartment category, we saw increases in Sales 127%, and Inventory 37%, with a downward turn on Benchmark pricing by 4% at $400,700 and most definately due to the amount of active listings in this specific category recorded at 265, however the days on market also came down by 36% which is a hopefull figure if you are a seller in this category, but still patienly recording an average of 113 days on market.
We will continue to watch closely and keep you all well informed on the ever changing market conditions and post them right here. Please 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!
Have a great February!
Jean and Shelly
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