Earlier this year I thought the Central Okanagan housing market was finally turning a corner. Sales picked up in the early spring compared to last year, inventory was moving in the right direction, and it looked like we were building momentum. Then summer happened, and the September numbers show that momentum hasn't come back. Sales are still slow, there is still plenty of inventory for buyers, and we remain deep in a buyer's market.
We had 320 sales in September 2026, compared to 367 last year. That's down about 12.8% year over year, with year-to-date sales down almost 3% and month-over-month sales down 1.8%. I believe the wildfires south in the Summerland area and north near Vernon, while not in our backyard, still weighed on the market. For comparison, the fire year of 2023 saw 260 September sales, so 320 is at least an improvement. But it's a long way from the 735 sales we saw at the height of the 2020 pandemic frenzy, and about 20% below the 10-year average of roughly 400.
Active listings have been trending down for three years. The 10-year average is around 2,500, and we're still about 17% above that. Listings are down roughly 9% year to date and almost 10% year over year (2,927 versus 3,240). That tightens things a little, but because sales haven't increased, it hasn't changed the nature of the market.
Anything above roughly six months of inventory is considered a buyer's market, and at 9.1 months we're well beyond that. We've been in buyer's market territory all year, and for the better part of three to four years. In 2020 and 2021, by contrast, we were sitting at two to three months. Months of inventory has roughly tripled since then.
I've added foreclosure and court-ordered sale listings to my updates. There were 38 in September, up 52% from 25 a year ago, and now 1.3% of the whole market. The numbers are small, but the direction matters, and it has been creeping up slowly every month. I'll keep tracking it.
Single family homes saw 149 sales in September, down 5.1% from 157 last year, but above 117 in 2023. The 10-year average is about 190, so we're roughly 22% below normal. I really thought March was the start of a recovery that would carry 2026 above 2025, and the market proved me wrong: April and May were slower, June picked up, and then August dropped sharply with only a slight recovery in September. I expect October to come in slower than last year.
The busiest part of the single family market is $700,000 to $1 million, which accounts for over 40% of sales. The top three bands were $900,000 to $1 million with 22 sales, $700,000 to $799,999 with 20, and $800,000 to $899,999 with 17. Homes in that range take around two months on average to sell, while the higher end can take four to five months. Under $500,000 you're mostly looking at 55+ or leased-land properties, and fixer-uppers tend to start around $650,000 and up.
Single family listings peaked at over 1,700 in 2024, dropped to about 1,400 last year, and sit near 1,200 now, essentially the 10-year average. Again, that's from fewer listings, not more sales. There were 78 expired listings in September (properties that sat at least 60 days without selling), down 42.6% from 136 last year, though there were also far more listings last year. For the most part, those that expired were simply priced too high.
Single family months of inventory is over 8, the absorption rate is 12.2% (only about 12 of every 100 listings sold), and buyers and sellers negotiated over 3% off the list price on average. Days on market averaged 67, but if you start aspirationally priced and make price drops, expect more than 100 days. Competition is heaviest between $700,000 and $1 million, and the luxury market above $1.5 million is also firmly a buyer's market with hundreds of listings.
The benchmark price at the end of September was about $1.057 million, up 3.4% from roughly $1.022 million last year. Prices have hovered around the million-dollar mark since the August 2023 peak of nearly $1.1 million, and compared to the overall market peak of around $1.2 million we're down about $130,000, or 11%. That puts us back around October 2021 pricing. It's not a perfect comparison given changes in interest rates and the cost of living, and prices vary a lot by neighbourhood and street. Other property types peaked in March and are now about 10 to 15% down from there.
If you're buying, you have lots of choice and room to negotiate, especially on homes that have been sitting. Winter sellers who keep their homes listed are often more motivated, so the slower months can be a good time to buy. If you're selling, expect to wait longer and face plenty of competition. Price sharply and present the home well from day one, because the pool of active buyers is small and unforgiving of overpricing.
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