The Okanagan housing market in September 2024 reflected important trends across the Central and North Okanagan regions. This report delves into the latest statistics and their implications for home buyers, sellers, and investors.

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Central Okanagan Real Estate Market Overview (September 2024)

In September 2024, the Central Okanagan real estate market displayed a slight decrease in sales activity compared to the previous year. However, the overall market conditions remained stable.

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Key Market Highlights

• New Listings: Central Okanagan reported 1,046 new listings, reflecting a small 2.7% decline from 1,075 new listings in September 2023.
• Units Sold: A total of 286 units were sold, down by 2.05% from 292 units in September 2023.
• Sales Volume: The sales volume hit $218,216,581, representing a modest 2.11% decrease from $222,915,337 the previous year.
• List/Sell Ratio: The ratio improved to 97.12%, up from 95.95% last year, signaling a stable selling environment.
• Days to Sell: Properties in the Central Okanagan took an average of 66 days to sell, a 6.47% increase from 62 days in September 2023.
• Active Listings: The market saw a notable rise in active listings, up 36.19%, reaching 4,230 compared to 3,106 in September 2023.

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Property Type Breakdown

• Residential Properties: 117 units sold; average price: $1,050,830; median price: $955,500; active listings: 1,644.
• Condos & Apartments: 82 units sold; average price: $460,764; median price: $458,000; active listings: 699.
• Townhouses: 39 units sold; average price: $673,235; median price: $662,500; active listings: 446.
• Lots: 7 units sold; average price: $260,714; median price: $340,000; active listings: 410.

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In-Depth Analysis

The Central Okanagan market saw a minor dip in sales volume and units sold. However, the higher list-to-sell ratio indicates a balanced market. With active listings rising, buyers have more choices, although sellers may face increased competition. The longer time it takes to sell homes reflects a more cautious approach from buyers.

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Absorption Rate

The absorption rate for September 2024 was 6.76%, suggesting a slower market compared to previous months.

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North Okanagan Real Estate Market Overview (September 2024)

The North Okanagan real estate market in September 2024 displayed mixed trends, with a boost in sales volume but fewer units sold than in 2023.

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Key Market Highlights

• New Listings: 260 new listings, down 20.25% from 326 in September 2023.
• Units Sold: 111 units sold, a 1.83% increase from 109 in September 2023.
• Sales Volume: The total sales volume surged by 13.73%, reaching $84,500,890, up from $74,301,237 in 2023.
• List/Sell Ratio: The list-to-sell ratio slightly decreased to 96.15%, down from 96.70% last year.
• Days to Sell: Properties took an average of 75 days to sell, a 14.75% increase from 65 days in September 2023.
• Active Listings: Active listings rose by 18.99%, reaching 1,504 compared to 1,264 last year.

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Property Type Breakdown

• Residential Properties: 55 units sold; average price: $826,140; median price: $735,000; active listings: 460.
• Condos & Apartments: 12 units sold; average price: $309,333; median price: $321,000; active listings: 81.
• Townhouses: 15 units sold; average price: $563,833; median price: $530,000; active listings: 109.
• Lots: 3 units sold; average price: $378,333; median price: $295,000; active listings: 287.

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In-Depth Analysis

The North Okanagan market experienced a reduction in new listings, yet sales volume rose due to higher-priced properties. Although properties are taking longer to sell, the increased listings offer more opportunities for buyers. Sellers, however, may need to adjust their pricing strategies to remain competitive.

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Absorption Rate

The absorption rate for September 2024 was 7.38%, indicating a slower market pace compared to previous months.

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Month-over-Month Comparison: August vs. September 2024

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Central Okanagan

• New Listings: Down 2.94% from 1,016 in August to 1,046 in September.
• Units Sold: Declined by 16.98%, from 341 in August to 286 in September.
• Sales Volume: Fell by 20.56% from $263,941,560 in August to $218,216,581 in September.
• Days to Sell: Increased slightly from 63 days in August to 66 days in September.
• Active Listings: Slight rise from 4,192 in August to 4,230 in September.

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North Okanagan

• New Listings: Dropped 10.67% from 293 in August to 260 in September.
• Units Sold: Fell by 26.97% from 152 in August to 111 in September.
• Sales Volume: Decreased by 24.02% from $111,255,778 in August to $84,500,890 in September.
• Days to Sell: Increased from 69 days in August to 75 days in September.
• Active Listings: Decreased slightly from 1,535 in August to 1,504 in September.

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Market Outlook for Buyers, Sellers, and Investors

Buyers

With the increase in inventory and extended days on market, buyers have more opportunities to find favorable deals.

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Sellers

Sellers should prepare for potentially longer selling periods due to increased competition and may need to be more strategic with pricing and marketing to attract buyers.

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Investors

The rise in higher-priced property sales in the North Okanagan hints at investment potential. Meanwhile, the growing inventory in the Central Okanagan may offer value-driven opportunities for savvy investors.

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Conclusion

The Okanagan real estate market remains dynamic, with trends that favor informed decision-making for all market participants. As conditions continue to evolve, staying updated on market trends is crucial for buyers, sellers, and investors alike.

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Source: Association of Interior REALTORS®

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Disclaimer: This information is general in nature and does not constitute professional real estate advice. Please consult a real estate professional for specific guidance.