The Okanagan real estate market in November 2024 showcased resilience amid seasonal adjustments, with both the Central and North Okanagan regions reflecting dynamic activity. This comprehensive report delves into the latest trends in listings, sales, and pricing, offering valuable insights for buyers, sellers, and investors navigating this vibrant market.
Central Okanagan
In November 2024, the Central Okanagan real estate market demonstrated significant year-over-year growth despite a typical seasonal slowdown. The market continued to attract interest across various property types, highlighting its sustained appeal to a diverse range of buyers.
Market Overview
- New Listings: The Central Okanagan introduced 729 new listings in November, a slight decline of 4.08% from 760 in November 2023. This reduction aligns with seasonal trends, as sellers often delay listings during the holiday season.
- Units Sold: There were 333 units sold, representing a significant year-over-year increase of 31.10% from 254 units in November 2023. This surge indicates robust buyer activity and confidence in the market.
- Sales Volume: Total sales volume reached $281,538,594, marking a substantial 36.59% increase over November 2023's sales volume of $206,119,390. This growth reflects continued demand for properties in the region, including higher-value transactions.
- List/Sell Ratio: The list-to-sell ratio stood at 93.04%, slightly down from 94.13% in November 2023. This minor decrease suggests a slightly more flexible market, with buyers potentially negotiating more favorable terms.
- Days to Sell: Properties spent an average of 61 days on the market, a notable improvement from 74 days in November 2023, decreasing by 17.57%. This indicates properties are selling faster than they did a year ago.
- Active Listings: Active listings totaled 3,637, an increase of 18.12% over the 3,079 listings in November 2023. The expanded inventory provides buyers with a wider selection, enhancing market diversity.
Key Highlights by Property Type
Residential Properties
- Sales: 123 units sold
- Average Price: $1,064,556
- Median Price: $940,000
- New Listings: 244
- Active Listings: 1,252
- Days to Sell: 70
The residential sector continues to command strong interest, with high average and median prices indicating sustained demand for single-family homes, including luxury properties.
Condos & Apartments
- Sales: 98 units sold
- Average Price: $502,373
- Median Price: $457,450
- New Listings: 183
- Active Listings: 687
- Days to Sell: 63
Condos and apartments remain attractive, especially for first-time buyers and investors, offering more affordable entry points into the market.
Townhouses
- Sales: 50 units sold
- Average Price: $667,860
- Median Price: $639,950
- New Listings: 107
- Active Listings: 384
- Days to Sell: 60
Townhouses appeal to buyers seeking a balance between space and affordability, maintaining a steady presence in the market.
Lots
- Sales: 7 units sold
- Average Price: $806,000
- Median Price: $594,000
- New Listings: 35
- Active Listings: 320
- Days to Sell: 124
The lot market saw minimal activity, reflecting longer selling periods and niche interest but offers significant potential for custom home builders and investors.
In-Depth Analysis
The Central Okanagan market in November 2024 reflects typical seasonal patterns with reductions in new listings and active listings compared to October due to the onset of winter months. However, the substantial year-over-year increases in units sold and sales volume underscore persistent demand and market confidence.
The decrease in the average days to sell compared to November 2023 indicates a more efficient market, with properties moving faster despite the seasonal slowdown. The expanded inventory compared to the previous year provides buyers with more options, contributing to a balanced market environment.
Absorption Rate Analysis
The absorption rate for November 2024 was approximately 9.16%, calculated by dividing the units sold (333) by the active listings (3,637). This rate is indicative of a balanced market, with neither buyers nor sellers having a distinct advantage.
North Okanagan
The North Okanagan real estate market in November 2024 exhibited notable year-over-year growth, mirroring the trends seen in the Central Okanagan. The market remains vibrant, with particular strengths in specific property types.
Market Overview
- New Listings: November saw 212 new listings in North Okanagan, nearly identical to the 213 listings in November 2023. The consistency year-over-year suggests steady seller confidence.
- Units Sold: A total of 128 units were sold, marking a 10.34% increase over the 116 units sold in November 2023. This indicates healthy buyer activity and sustained interest in the region.
- Sales Volume: Sales volume stood at $84,290,974, an increase of 9.84% compared to $76,737,557 in November 2023. The year-over-year rise reflects higher-value transactions occurring in the market.
- List/Sell Ratio: The list-to-sell ratio was 94.91%, slightly down from 96.80% in November 2023. This indicates a stable market where listings are selling close to their asking prices.
- Days to Sell: The average days to sell decreased to 66 days from 78 days in November 2023, a 15.38% reduction. This suggests increased efficiency in the market, with properties selling faster than in the previous year.
- Active Listings: Active listings totaled 1,196, up 4.09% from 1,149 in November 2023. The slight year-over-year increase provides a steady inventory for buyers, contributing to a balanced market.
Key Highlights by Property Type
Residential Properties
- Sales: 53 units sold
- Average Price: $733,434
- Median Price: $699,000
- New Listings: 69
- Active Listings: 331
- Days to Sell: 75
The residential market remains robust, with strong average prices indicating sustained demand for single-family homes.
Condos & Apartments
- Sales: 13 units sold
- Average Price: $356,250
- Median Price: $360,000
- New Listings: 19
- Active Listings: 78
- Days to Sell: 51
Condos and apartments continue to attract buyers seeking affordability and lower-maintenance options, maintaining consistent sales figures.
Townhouses
- Sales: 20 units sold
- Average Price: $534,167
- Median Price: $540,000
- New Listings: 27
- Active Listings: 83
- Days to Sell: 78
Townhouses are performing well, with sales reflecting steady demand and prices indicating strong market value.
Lots:
- Sales: 2 units sold
- Average Price: $292,500
- Median Price: $292,500
- New Listings: 33
- Active Listings: 258
- Days to Sell: 98
The lot market is experiencing slower movement, with high inventory levels and longer days to sell, suggesting opportunities for patient investors and developers.
In-Depth Analysis
The North Okanagan market for November 2024 shows a healthy real estate environment, with significant year-over-year improvements in units sold and sales volume. The reduction in days to sell indicates a market where properties are being absorbed more quickly compared to the previous year.
The stable number of new listings year-over-year suggests consistent seller engagement, while the slight dip in the list-to-sell ratio and increased active listings reflect a balanced market, offering opportunities for both buyers and sellers.
Higher average prices across property types highlight the region's growing appeal and may attract investors looking for appreciation potential.
Absorption Rate Analysis
With 128 units sold and 1,196 active listings, the absorption rate for November 2024 is approximately 10.70%. This rate indicates a balanced market, with steady demand relative to the available inventory.
November vs. October 2024 Comparison
Central Okanagan
- New Listings: Decreased by 21.94% from 934 in October to 729 in November.
- Units Sold: Decreased by 18.58% from 409 to 333 units.
- Sales Volume: Decreased by 19.86% from $351,304,349 to $281,538,594.
- Days to Sell: Increased from 58 days to 61 days, a 5.17% rise.
- Active Listings: Decreased by 7.39% from 3,927 to 3,637.
North Okanagan
- New Listings: Decreased by 14.17% from 247 in October to 212 in November.
- Units Sold: Decreased by 17.95% from 156 to 128 units.
- Sales Volume: Decreased by 31.04% from $122,226,947 to $84,290,974.
- Days to Sell: Decreased significantly from 89 days to 66 days, a 25.84% improvement.
- Active Listings: Decreased by 12.12% from 1,361 to 1,196.
Analysis: The month-over-month declines align with expected seasonal slowing as the market enters the winter months. The decrease in new listings and active listings suggests fewer sellers are entering the market during this period. In the Central Okanagan, the slight increase in days to sell indicates properties are taking marginally longer to sell, while in the North Okanagan, the significant decrease in days to sell suggests that buyer activity remains strong relative to the available inventory.
Strategic Implications
Market Position
- Balanced market conditions favor neither buyers nor sellers exclusively
- Increased inventory provides more options while maintaining steady price levels
- Seasonal slowdown presents strategic opportunities for both buyers and sellers
Investment Considerations
- Strong year-over-year growth indicates market resilience
- Development opportunities in lot segments due to higher inventory levels
- Multi-family properties show consistent returns with steady demand
Timing Factors
- Reduced winter activity may create opportunities for value purchases
- Faster days-to-sell metrics suggest maintaining decisive action when opportunities arise
- Strategic advantage in timing purchases before anticipated spring market activity
Conclusion
The Okanagan real estate market in November 2024 continues to exhibit strength and resilience, with significant year-over-year growth despite expected seasonal slowdowns. Both the Central and North Okanagan regions offer promising opportunities for buyers, sellers, and investors.
Sellers should be mindful of pricing and presentation to navigate the competitive landscape, while buyers can take advantage of broader inventory and potential negotiation room. Investors may find attractive prospects, particularly in residential properties and development land.
Source: Association of Interior REALTORS®
The content of this article is for informational purposes only and should not be considered as financial, legal, or professional advice. Coldwell Banker Horizon Realty makes no representations as to the accuracy, completeness, or suitability of the information provided. Readers are encouraged to consult with qualified professionals regarding their specific real estate, financial, and legal circumstances. The views expressed in this article may not necessarily reflect the views of Coldwell Banker Horizon Realty or its agents. Real estate market conditions and government policies may change, and readers should verify the latest updates with appropriate professionals.
