Hello,
Although the Okanagan Real Estate market faced one of the slowest March’s in over a decade, we are optimistic with the direction the market is headed and believe now is a great time to move up the property ladder. With an adequate selection of inventory (over 2600 units currently for sale total in the Central Okanagan) you have not only choice, but also a potential to secure a great deal compared to years past.
March 2024 review:
- Inventory levels up by 28% from March 2023, the variety and choices for buyers are better than ever.
- Despite a 30% decrease in sales compared to last year, the market is showing signs of revival. The gradual increase in property prices and a reduction in months of inventory—signal that we have surpassed the market's bottom.
Why Now matters:
For sellers, May is often a peak sales period and if you list now you are positioned ahead of the curve.
For buyers, this moment represents the trough of the market. This will offer an opportunity to secure valuable deals before a resurgence in activity due to potential adjustments in interest rates and buyer demand. We have a large amount of inventory in the mid-luxury market and less demand in this segment compared to the lower end making now a great time to move up. If you have a property under $1.3million, the most active segment of the market, you are selling in a segment with the largest buying pool. Buying above this price point has a good selection of choice and less competition; which can often mean better deals. The gap between has never been smaller.
As we look ahead, we believe seizing the current opportunities will lead to significant gains. The window for buying at favorable prices and selling with optimal timing is now.
Let's turn possibilities into realities. We are always available to answer any questions that you may have about our real estate market.
Warmly,
Shannon and Tamara
