September Real Estate Update
What wonderful fall weather we are experiencing in September here in the Okanagan. Always feeling blessed to live here.
Compared to the past years, our market is still super slow for September. BC MLS sales had the slowest month in 10 years, with 22% lower than the average ten-year in August.
In the past two months, mortgage rates have decreased three times, now sitting at 4.5%. This shift has likely created a buildup of demand for both buyers and sellers. Many of our clients are currently waiting on the sidelines, hoping for a further drop in either home prices or interest rates.
If a buyer can manage the higher rates for the next 18 months or so, it could be a prime opportunity to make a purchase or at least start seriously exploring the market, as there may be excellent value to be found. Often Buyers want to perfectly time the market to get the best deals. Like with the stock market.
What is more important than timing the market is time in the market. Finding the perfect time to buy you might miss out on great opportunities in the long run. It is better to have a long-term mindset.
As rates continue to decrease and adjust, the market will gain momentum from its lowest point, although it will likely remain volatile. Meanwhile, luxury properties in high-demand neighbourhoods should stay strong, as long as the stock market continues its upward trend.
The US election and the US economy will also influence our Canadian market, and that will be a “wait and see” scenario.
Sellers need to be realistic and consider any offers seriously, and pricing lower than expected is the norm now. Smart Sellers are adjusting, and homes are selling once priced correctly. It is essential to approach the market strategically to attract the right buyer. Pricing competitively and ensuring strong marketing efforts will be key to attracting attention, securing showings, and ultimately closing deals.
We have a lot of Condos listed, as many investors are unloading their Airbnb investments. At the moment our Interior Assoc. MLS had 1216 Condos listed, 801 Townhomes and 3454 Single Family Homes! Lots of inventory for Buyers to choose from. August was a much slower month with tourism this year in the Okanagan, and many businesses complained, like restaurants and taxi drivers. Many tourists could not find accommodations for their families, due to the Airbnb restrictions.
The most expensive Home sold in the Okanagan in the last 4 months was a home in Lake Country for 16 Million! And 3 more waterfront sales between 5-6 Million, and 14 homes sold between 3-5 Million.
For detailed price and sale statistics please see charts below.
With gratitude and appreciation, wishing you a great fall.
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Best wishes,
Annette, Stephanie & Ed
Quote of the day: Strive for continuous improvement, instead of perfection.
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Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star - South Okanagan
Based on MLS® active residential listings taken & sold units as reported by Association of Interior Realtors® in 2024 and YTD August 2024 for Central Okanagan.