This North Okanagan Real Estate Update covers the areas of Vernon, Coldstream, Falkland, Armstrong, Enderby, and Lumby.
Updated Stats for Residential Homes in the North Okanagan - August 2022
Sell/Inventory Ratio: 26.06% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)
Days to Sell:
51 (how many days on average it is taking to sell a home. Please note this does not include additional time on the market of any listings that expired or were canceled and then re-listed.)
Active Listings:
1029 (versus 789 in 2021!)
Average List Price:
$769,370
Benchmark Price:
Single Family: $739,000
Townhouse: $559,700
Apartment: $328,100
North Okanagan Lakefront Sales:
Waterfront Home Sales:
12 Waterfront homes sold this year to date.
There are 24 waterfront homes currently on the market versus 12 on the market same time last year.
North Okanagan Overall Statistics:
Total Units that were newly LISTED (and active on the market) during each of the past 3 months:
June: 407
July: 363
August: 332
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
June: 203
July: 170
August: 150
Wrap Up:
Sellers:
Whether you are still considering listing your home or already have a property on the market, as sellers may have noticed that our market continues to normalize month after month. The number of active listings is higher than it has been in multiple years for July, and sales numbers for last month were lower than both 2022 and 2021. However, it is al relative, and we are still experiencing a very healthy market for selling, so If you are considering listing your property, now could be the time to get into the game and talk strategy with a knowledgeable listing agent today.
If you're looking to prepare your home to sell, our new video "Tips to Increase the Value of your Home in 28 Days." might be of interest to you!
Buyers:
Buyers, now is your time to shine. While we may not be in a buyer's market, the number of active listings on the market is very promising. Further, we saw both benchmark prices and average prices decreasing in August, so it is becoming more and more possible that the home of your dreams could meet your budget. However, in order to get a great price or a leg up on a desirable property, you need a real estate expert to guide you in your journey, reach out to our office today to get started!
If you're looking to buy on the lakefront, our new video, "Buying Real Estate on the Lakefront- 4 important things to know." might be interesting to you!
Here is our feature listing of the month, a completely upgraded property with original character and historical charm. View our listing video for 2501 23rd Avenue here:
If you are wanting to buy, call us and we can work together to get you access to that elusive 10% of homes that are not currently on the market. One of them may just be the perfect home for you. Reach out to Salt Fowler today. and "Just Add Salt". Being first in line in this competitive market is key.
Call 250-549-7258, Text 250-309-9586 or email webinfo@saltfowler.com.
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