The Okanagan real estate market continued to show resilience and adaptability in October 2024, revealing significant activity in both the Central and North Okanagan regions. This comprehensive report offers insights into the latest trends in listings, sales, and pricing, helping buyers, sellers, and investors make informed decisions in this dynamic market.

Central Okanagan

In October 2024, the Central Okanagan real estate market displayed robust performance with impressive growth in sales volume and units sold. Despite increased competition and a longer selling period, the market has shown notable resilience, making it an attractive landscape for buyers and sellers alike.

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Market Overview

• New Listings: The Central Okanagan saw 934 new listings, a slight increase of 1.97% from 916 in October 2023. This steady influx of new properties suggests sustained seller confidence, with more homeowners testing the market.
• Units Sold: A total of 409 units were sold in October, representing a significant 42.01% increase compared to 288 units in October 2023. This jump in sales activity indicates heightened buyer demand, likely fueled by stable interest rates and market optimism.
• Sales Volume: The total sales volume for October 2024 reached $351,304,349, a remarkable 60.14% increase from $219,373,049 in October 2023. This substantial rise in sales volume suggests that higher-value properties are being transacted, further underscoring the Central Okanagan’s appeal to a wide range of buyers, including luxury and investment-focused purchasers.
• List/Sell Ratio: The list-to-sell ratio held steady at 96.36%, slightly up from 95.56% last year. This ratio reflects a competitive yet balanced market, where the majority of listings are attracting serious offers close to their list prices.
• Days to Sell: The average days to sell climbed to 58 days, up from 48 days in October 2023, a 19.14% increase. While properties are taking longer to sell, this extended timeline allows buyers to carefully assess their options, while sellers still enjoy a healthy demand.
• Active Listings: Active listings in Central Okanagan increased significantly by 26.15%, reaching 3,927 from 3,113 last year. This uptick in inventory provides buyers with more choices, enhancing their bargaining power.

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Key Highlights by Property Type

• Residential Properties: The residential sector saw 179 units sold with an average price of $1,086,399 and a median price of $930,000. With 1,419 active listings, the residential market remains competitive, with high-end buyers actively participating.
• Condos & Apartments: Condos and apartments recorded 93 sales, an indication of continued interest in affordable urban living options. The average price reached $489,042, while the median price was $442,500, with 711 active listings adding to buyer choice.
• Townhouses: Townhouses in Central Okanagan maintained steady demand, with 58 units sold. The average price was $715,513, and the median price was $679,000. Active listings for townhouses numbered 422, suggesting solid supply in this market segment.
• Lots: There were 16 lot sales, with an average price of $525,525 and a median price of $365,000. The lot market saw substantial inventory, with 397 active listings, indicating a favorable climate for new development or custom home builds.

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In-Depth Analysis

The Central Okanagan market in October 2024 demonstrated both growth and stability, appealing to a wide variety of buyers. The notable increase in both units sold and sales volume highlights sustained demand, especially for high-value properties. This environment, combined with an expanding inventory, offers both opportunities and challenges: sellers must ensure their listings stand out amidst increased competition, while buyers have the benefit of more options and potentially more negotiating power. The increase in days to sell reflects a market that is gradually adjusting to its growing inventory, with buyers taking their time to evaluate a wider array of properties.

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Absorption Rate Analysis

The absorption rate for October 2024 was 10.42%, calculated by dividing the number of units sold (409) by the number of active listings (3,927). This rate reflects a moderately balanced market, where inventory is healthy, but buyer demand remains steady enough to prevent oversaturation.

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North Okanagan

The North Okanagan real estate market presented a mix of opportunities and challenges in October 2024, with an uptick in sales volume despite a reduction in new listings and an extended selling timeline.

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Market Overview

• New Listings: The North Okanagan recorded 247 new listings, down 8.86% from 271 in October 2023. This decline could be due to sellers holding back amidst shifting market conditions or seasonal factors.
• Units Sold: A total of 156 units were sold in October, marking a modest 2.63% increase from 152 units sold in October 2023. This consistency indicates ongoing buyer interest, particularly in select property types.
• Sales Volume: Sales volume rose significantly by 20.10% to $122,226,947 from $101,773,121 in October 2023. This increase, alongside stable units sold, suggests that higher-priced properties are in demand, particularly among discerning buyers looking for unique opportunities in North Okanagan.
• List/Sell Ratio: The list-to-sell ratio improved to 96.76%, up from 92.80% last year, suggesting a competitive market where properties are selling close to their listed prices.
• Days to Sell: Properties took an average of 89 days to sell, up from 67 days in October 2023—a 32.84% increase. This longer timeline may indicate that buyers are taking additional time to make purchase decisions, especially given the larger inventory.
• Active Listings: Active listings in North Okanagan increased by 14.47%, reaching 1,361 compared to 1,189 in October 2023. This expanded inventory benefits buyers, who have a broader selection across property types.

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Key Highlights by Property Type

• Residential Properties: Residential homes saw 68 sales, with an average price of $767,455 and a median price of $720,000. With 401 active listings, the residential market remains robust, attracting interest from both locals and investors.
• Condos & Apartments: This category had 9 sales, with an average price of $341,444 and a median price of $320,000. Condos and apartments offer a more affordable entry point, which is appealing in North Okanagan’s rising market. There are 85 active listings available, adding choice for potential buyers.
• Townhouses: Townhouses recorded 21 sales at an average price of $468,667 and a median price of $430,000. With 94 active listings, townhouses continue to be a popular choice, offering a mix of affordability and convenience.
• Lots: There were 8 lot sales, with an average price of $353,563 and a median price of $303,500. With 280 active listings, the lot market presents numerous options for those interested in land investment or new construction.

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In-Depth Analysis

The North Okanagan market in October 2024 highlighted some key trends: a stable sales volume but a decrease in new listings and longer selling periods. The increase in active listings and days to sell suggests that buyers are becoming more selective, possibly in response to the ample inventory. Meanwhile, sellers may need to consider competitive pricing strategies to attract interest in a market where buyers have more options. The rise in average sales prices reflects the appeal of premium properties, indicating that North Okanagan remains attractive for mid- to high-end buyers and investors.

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Absorption Rate Analysis

The absorption rate for North Okanagan in October 2024 was 11.46%, derived by dividing the number of units sold (156) by the active listings (1,361). This rate indicates a balanced market, with buyer interest adequately matching inventory levels.

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September vs. October 2024

Central Okanagan

• New Listings: Decreased by 1.14% from 1,046 in September to 934 in October.
• Units Sold: Increased significantly by 42.97%, from 286 in September to 409 in October.
• Sales Volume: Jumped 60.94%, from $218,216,581 in September to $351,304,349 in October.
• Days to Sell: Decreased from 66 days in September to 58 days in October, suggesting a more efficient market.
• Active Listings: Remained steady at around 3,927, indicating a stable inventory base.

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North Okanagan

• New Listings: Decreased by 5.21% from 260 in September to 247 in October.
• Units Sold: Increased by 40.54%, from 111 in September to 156 in October.
• Sales Volume: Increased by 44.65%, from $84,500,890 in September to $122,226,947 in October.
• Days to Sell: Increased from 75 days in September to 89 days in October, showing an extended timeline for sales.
• Active Listings: Decreased slightly, suggesting a stable yet well-supplied market.

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Strategic Implications

• ‍Buyers: The increase in inventory and longer days on market provide buyers with a diverse range of choices and the opportunity to negotiate favorable deals. Buyers are encouraged to take advantage of the selection available, particularly in property segments with high inventory.‍
• Sellers: With increased competition, sellers should focus on pricing competitively and enhancing the appeal of their properties. Presenting a well-maintained, move-in-ready home will stand out in a market where buyers have ample options.‍
• Investors: The increase in sales volume, especially in high-value properties, signals investment opportunities in both Central and North Okanagan. Investors may find attractive prospects in the lot and residential markets, particularly as the area continues to draw interest from buyers looking for value and long-term growth potential.

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The October 2024 Okanagan real estate market demonstrated strong buyer demand, steady inventory growth, and resilience in both the Central and North Okanagan. As conditions evolve, staying informed will be key for all market participants to make strategic, well-timed decisions in this thriving market.

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Source: Association of Interior REALTORS®