Osoyoos Market Update

As the weather improves more people are viewing properties. Although the statistics do not show much in the way of sales, there certainly is more interest.

In March there were 3 residential sales, half the number from the same time period last year. In general, sales in the area are down by 50% while listings are on the rise. We currently have 295 residential listings, up by approximately 35% over this time last year.

While we have yet to see a significant drop in list prices, those properties that are selling reflect the new lower values in the valley. At this point, many vendors have yet to accept the reality of our new market and tend to price their homes according to their neighbours' unrealistic list prices which can result in even greater loss of equity in the long run. This is definitely a "buyer's market".