The Following is a Quick Analysis of Our Free Interactive (.XLS) Okanagan Housing Market Conditions Report for November 2018
CLICK HERE for the full report (this report comes in .XLS format and is optimized for use on a PC desktop).
Key Notes on the Central Okanagan OMREB Trading Area
Single family (SF) homes in the Central Okanagan (CO) traded on average for ~$667,000 in October 2018 – the lowest average SF monthly trading price of 2018 to date. Notably, the last time the average SF home sale price was this low in the CO was in April 2017, preceding a summer market characterized by strong levels of annual price growth for all CO housing types.
This recent softening of SF home prices does correspond with seasonal winter market conditions that expectedly favor buyers. However, the depth of this most recent price regression is more attributable to the fact that buyer market conditions have been building and sustaining in the Central Okanagan’s SF market for months now. That being said, sales-to-new listing ratios for single family homes did jump significantly in October 2018 which is at least one small step in the direction needed to lower SF inventories towards levels that will help relieve current downward price pressures.
By comparison to the above, CO pricing for townhomes and apartment condos remained far more stable in October 2017 as both housing types traded on average for prices inline with their respective 3-month moving averages ($502,850 for townhomes and $349,744 for apartment condos).
Key Notes on the North Okanagan OMREB Trading Area
While North Okanagan (NO) sales of single-family (SF) homes continued a normal seasonal decline in October, townhome and condo sales experienced an unseasonal, and rather impressive, jump in activity for the month. As such, market conditions for multi-family housing in the NO were actually stronger for sellers in October by comparison to September!
Despite the above variations in market conditions, sale prices in the NO remained seasonally in line with pricing experienced during the previous couple months – i.e. we should expect some minor discounts given we are entering the winter market.
The average price paid for a NO SF home in October was $497,801 (-0.7% lower than the comparable 3-month rolling average), while the average price paid for a townhome and apartment condo was $354,258 (+0.1% higher than the comparable 3-month rolling average) and $234,152 (-2.4% lower than the comparable 3-month rolling average) respectively.