As the cooler weather has officially settled into the area we are certainly fortunate to have coasted through such a warm Okanagan October. As we near the end of 2022 we are able to formulate a
REMAX Kelowna October 2022 Real Estate Review
Dated: November 2 2022
As the cooler weather has officially settled into the area we are certainly fortunate to have coasted through such a warm Okanagan October. As we near the end of 2022 we are able to formulate a clearer picture of how this year compares to the sellers’ market of 2021. The number of sales year to date thus far has reached 4816 which is a significant drop from the 7222 year to date of October of 2021.
Although we are experiencing a decrease in overall sales the average residential house price is holding strong at $1,091,603 and we also see the median price climb since last year as well. A notable factor is the increase of sales in the pricing category of single family homes at $1,000,000 or higher. Every lower price point suffered with reduced transactions yet the higher end inventory remained strong surpassing the YTD figures of 2021 at this point in the year.
Taking into account multiple factors such as interest rates, inventory and price points, we want to know: do buyers have the advantage?
Beyond a doubt, the fact that some buyers opted to wait for the market to cool are now realizing the fruits of their decision. Those with lower financing needs may currently have the upper hand when comparing their bargaining position from when their subject free offer circa 2021 might have not even been considered. Sellers must employ reason and skill when determining a list price as an overzealous ask is not yielding the same results as it once did in the Okanagan. As always, the market will bounce between who holds the advantage between buyers and sellers given a particular price point, but ultimately a home is a long term investment which creates leverage and security for its owner.
We would also like to remind those of Remembrance Day on November 11 where we shall respectfully have a moment of silence for those who have served, or continue to serve, Canada.
Buying or selling a home is one of the most significant undertakings people will ever experience; it involves lifestyle changes and large financial implications. It can be fun and exciting, overwhelmi....