January was a great start to the new year with the Okanagan and Big White Ski Resort real estate market leveling out yet still producing high levels of deals. Even with mortgage rates rising, and an already difficult market to jump into, it seems to have remained steady through January and is picking up momentum as we go through February. A slight decrease in listing and sales price has made the market a bit more achievable and many people who were waiting to see this decrease are now jumping in on the action.
It is still a quite even market with it not favoring neither the seller nor the buyer at the moment. Sellers are acknowledging the prices have taken a slight downturn, but are still, of course, wanting top dollar for their property. Buyers seems to notice the small decrease in price and have been committing to purchase.
Okanagan Real Estate Update
Sales have seen a decrease in the Okanagan area with just 63 single family residence sales in the month of January, a 59% drop compared to January 2022. However the inventory has increased dramatically with 161% more properties available for sale. Currently sitting at 699 single family homes on the market. The average days to sell has increased to 81 – a large leap if compared to the same time last year when it was just 36 days. Which we know was unfamiliar and unprecedented.
The price ratio for January sat at 95.51% – on par for the market we were used to seeing prior to the pandemic. Comparing to last year is almost irrelevant because as we know most homes were selling for full list price and some way above list price.
So far this year the market seems steady throughout the Okanagan and is giving a chance to buyers to be able to purchase their first property or even their first investment property.
A great development that would work as a primary residence or investment property are the new townhomes at West 61 at Shannon Lake in West Kelowna. These 2/3 bedroom units offer views of Shannon Lake, top notch amenities, and modern luxury elements. Starting at $799k, these properties are a must see and are scheduled for completion August 2023.
Big White Ski Resort Real Estate Update
Big White Ski Resort had a slower January, with only 3 sales at the resort. However, the activity has increased quite a bit over the past two weeks and inventory has been selling at a faster pace that the beginning of this year. The average sale price at the resort in January was $650,667 – an increase of 13% when compared to January 2022.
All of the events happening at the resort are a factor in the real estate market. More and more locals and travelers alike are spending much more time at the resort. It’s also a factor with overseas buyers that the resort is exempt from the Foreign Buyer Ban really making Big White the ideal place to invest. The average days a property is spending on the market at the resort is just 53 days. Fairly on par if you compare to the same time last year where the average was 50 days.
If you are looking to build at Big White Ski Resort, Monashee Way is offering lots starting at $375k – these properties are ski-in/ski-out, with no rental restrictions. Build your dream chalet with the builder of your choice.
If you, or someone you know is looking to either get into the real estate market or perhaps free up some of your property assets, feel free to reach out – I would be happy to answer any questions and assist throughout the process.