This Okanagan Shuswap Real Estate Update covers the areas of Greater Vernon and the North Okanagan, Kelowna and Central Okanagan as well as Salmon Arm and the Shuswap.

Updated Stats for Residential Homes in the Okanagan Shuswap - August 2024

Sell/Inventory Ratio (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.):

North: 16.19%

Central: 9.44%

Shuswap:  10.95%

Days to Sell (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.):

North: 64

Central: 57

Shuswap: 74

Active Listings:

North: 1535

Central: 4192

Shuswap: 1190

Benchmark Price:

North:

Single Family:  $773,000

Townhouse:     $591,300

Apartment:    $324,000

Central:

Single Family:  $1,018,100

Townhouse:     $723,100

Apartment:    $505,500

Shuswap:

Single Family:  $734,100

Townhouse:     $558,600

Apartment:    $415,700

Lakefront Sales (Year to date):

North Okanagan Waterfront Home Sales:  13

Central Okanagan Waterfront Home Sales: 27

Shuswap Waterfront Home Sales: 22

Okanagan Shuswap Overall Statistics:

Total Units that were newly LISTED (and active on the market):

North: 293

Central: 1016

Shuswap: 237

Total Units SOLD (all property types including raw land and commercial):

North: 152

Central: 341

Shuswap: 111

Wrap Up:

Sellers:

As that seasonal segway from summer to fall takes place, the real estate market can take some surprising turns of its own. We saw this August some varied market conditions in different areas, with a generalized trend towards a buyer's market overall. This may sound like bad news, but a competitive price and plan can be all you need to keep your home IN the market, not just on the market. Whether this is an indication of longer term, or simply a reflection of the time of year, it may be the time to have a discussion with your agent about the best way to get buyers to zero in on your home. It could be time for new staging, or a pricing strategy. Either way, now is the time to talk game plan with a pro listing agent today.  

In a buyer's market, putting your property's best foot forward is even more important. If you're currently listed or considering listing your property, our new video "How to prepare for an open house in 60 minutes" may be of interest to you!

Buyers:

August brought with it a huge increase in new listings in both the Shuswap and Central Okanagan areas, which when combined with slower sales numbers, delivers terrific conditions for those looking to buy.  If you are flexible on where you want to buy, this could be a chance to get a really great deal on your dream home. However, in order to get a competitive price on a desirable property, you need your financing in order and a real estate expert to guide you in your journey. Reach out to our office today to get started!

If you're in the market for a property in a waterfront community and struggling to narrow in on which community is right for you, our new video "The Outback Lakeside Resort: South Bay units tour" may be of interest to you!

Here is our feature listing of the month, a charming starter home loaded with potential. View our listing video for 2002 36 Street 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.  

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About the Author: The article above, Real Estate Market Update, was provided by Lisa Salt, an authority on Vernon BC, Okanagan and Shuswap and area real estate and a leader in the field of real estate blogging and vlogging.  Lisa and her group have helped literally thousands of families buy and sell homes since 1993. 

Looking to buy a home in the Okanagan Shuswap area?  Check out "Everything You Need to Know About Buying a Home" article. It’s free of charge and will save you a ton of time!

Looking to sell?  We use the latest technology to get our clients’ homes sold quickly and for as much money as possible.

We help people buy and sell real estate in the following Okanagan/Shuswap areas: Vernon, Armstrong, Enderby, Lake Country, Lumby, Westside and Salmon Arm/Shuswap.

Call or Text 250-549-7258 or email webinfo@saltfowler.com