As we near the end of 2022, I am excited to share November’s Real Estate statistics and news for the Okanagan and Big White Ski Resort. As previously reported, Big White Ski Resort has avoided the correction that much of British Columbia, including the Okanagan has experienced. The Okanagan is overall remaining steady however did see a slight dip in sales. As we head into this holiday season, we expect to start seeing sales comparable to pre-pandemic for the Okanagan, vs what we have seen these past few years. Big White Ski Resort however, is likely to stay strong and continue its steady sales with recreational properties most likely exempt from the foreign buyer ban.
Okanagan Real Estate Update
The benchmark priced surpassed 1million again and for November was recorded at $1,013,800. Only a 0.5% increase from November 2021. Sales overall however are down 52% and current inventory is 862. 500 new listings came to market in November 2022, which was 10% less than November last year.
The statistics show home prices have seen a small decrease with an upswing of inventory being available. Home sales overall are steady, especially with the higher mortgage rates and other factors. Homes are however staying on the market 60% longer with the average days to sell recorded at 57 days.
Big White Ski Resort Real Estate Update
Big White Ski Resort saw 11 sales in November with an average sale price of $917,718 and the total volume totaling over $10million. When you compare that to last November’s average sale price of $551,659, its quite an increase. We did see 6 more sales November 2021 with a total of 17 sales happening in that month and the total volume recorded at $9million.
36 new listings hit the market, an 38% increase from the same time last year. More inventory is great because it gives buyers ample choices within their budget. There are currently 74 active listings at Big White Ski Resort with properties for as little as $155,000!
Properties are not sitting long either. The average days to sell is just over 1 month at 34 days. That means properties are being priced correctly and buyers are investing in the potential at the resort.
The decision whether to buy or sell in todays market is ultimately dependent on your situation and real estate portfolio. There is great potential right now to grab properties to build your portfolio as an investment. There is also great potential to list your property right now because we are still not back at regular inventory levels and home prices are still very strong with the right marketing and exposure.
If you are looking to buy or sell, or, are just curious about the market, you can contact me here!