Raise your hand if you have a case of whiplash when it comes to the real estate market these days? (Us, hand raised.)
Are you trying to sift all the info and figure out what’s REALLY going on in the South Okanagan?
Stop already. We have you covered.
Remember…
A BUYER’S MARKET is when there are more homes available than buyers looking.
A SELLER’S MARKET is when there are more buyers looking than homes available.
In general, it’s a seller’s market if inventory is adequate for 5 months (or less) worth of sales. If you have 5 to 7 months of inventory, you have a balanced market, and anytime you have more than seven months’ worth of inventory, you’re in a buyer’s market.
Let’s see what that means in the South Okanagan.
To determine inventory, we take the number of houses for sale and divide it by the number of sales in the past 30 days.
– Homes currently on the market: 319
– Homes sold last month: 58
Divide those and you get 5.5. That puts us — at least for today — in a BALANCED market.
– Townhomes currently on the market: 91
– Townhomes sold last month: 10
Divide those and you get 9.1. That puts us — at least for today — in a BUYERS market.
– Condos currently on the market: 174
– Condos sold last month: 21
Divide those and you get 8.29. That puts us — at least for today — in a BUYERS market.
If you want to talk more about what’s happening in the South Okanagan this winter, send us a DM. No matter the market, we’re here to help you reach your real estate goals.
“Bringing You Home to the Good Life”
#pentictonrealestate #pentictonbc #pentictonrealtors #bcrealestate #visitpenticton
