Real Estate Market Update for Carp and Summerland - Starting with homes, This week we are covering the year to date stats versus the monthly data to get a little different perspective of what’s going on in the market year over year.

The active listings have seen a 26% decrease from 2022. Closings have also experienced a 22% decline. The median sale price for homes has softened slightly, with a 2% decrease, going from $1,895,000 in 2022 to $1,850,000 in 2023. While prices have dipped, they remain relatively stable. The sale price to  list price ratio has decreased by 1%, from 101% in 2022 to 100% in 2023. Homes are selling faster going from 44 days in 2022 to just 27 days in 2023, indicating a more active and competitive market.

Turning our attention to condos, we see a similar trend. Active listings for condos have also decreased by 27%. Closings for condos have seen a corresponding 27% drop from 2022. The median sale price for condos has experienced a modest 2% decrease, going from $817,750 in 2022 to $802,500 in 2023. While prices have softened slightly, they remain competitive. The sale price to list price ratio for condos has decreased by 4%, from 103% in 2022 to 99% in 2023, while the median days on the market for condos, which has increased significantly from 9 days in 2022 to 51 days in 2023.

Come back next week to hear how September closed out around our various South County areas.