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The 2023 March Okanagan real estate statistics have just been released and the numbers show a continued shift in the market. Compared to the same time last year, inventory has doubled, while sales have nearly dropped by half. Additionally, the prices have decreased slightly from a year ago. (However, we must remember that we are comparing to a year ago March, in which our market had taken an unprecedented turn with multiple offers and a historic buying frenzy.)
Generally speaking, this shift in the real estate market can be attributed to various factors such as the economic impacts of the COVID-19 pandemic, changing buyer preferences, and the tightening of mortgage regulations. The increase in inventory and decrease in sales can be seen as a positive for buyers who now have more options to choose from and potentially more bargaining power.
However, sellers may face more challenges in this market as they compete for a smaller pool of buyers. The slight drop in prices may also be concerning for those looking to sell their homes. Overall, the 2023 March Okanagan real estate statistics reflect a changing market that requires careful consideration by both buyers and sellers.
As always remember to consult your real estate professional, or give us a call, as statistics can be misleading, and there are still market segments that are in short supply, causing high demand, and competing multiple offers.
To view and download the full 2023 stats click here: https://www.dropbox.com/sh/75pk8oi8q0tkl5p/AAB8ap8W6l1cebIg6s77V7qNa?dl=0
Jaime Briggs and Leon Gaba, Briggs On Homes Group
Coldwell Banker Horizon Realty | Kelowna BC Canada
Phone 250-215-0015 | www.BriggsOnHomes.com
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