Please view our video above for the super exciting year end stats for 2023 and for our real estate market predictions for 2024.
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 - December 2023
Sell/Inventory Ratio: 15.33% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)
Days to Sell:
65 (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:
999 (versus 815 in 2022)
Average List Price:
$728,838
Benchmark Price:
Single Family: $712,700
Townhouse: $600,100
Apartment: $323,500
North Okanagan Lakefront Sales:
Waterfront Home Sales:
23 Waterfront homes sold this year to date.
There are 19 waterfront homes currently on the market versus 14 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:
October: 271
November: 213
December: 130
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
October: 152
November: 118
December: 73
Wrap Up:
December is famously a month known for more Holiday Gatherings than Real Estate transactions, and while this past month followed the trend with less impressive numbers than the rest of the year, it was very healthy in comparison to December of 2022. Both residential sales and new listings were up over last year, and the average price even creeped up a bit.
While the healthy new listing numbers is great news for buyers, if your home has been listed for a while now may be the time to have a discussion with your agent about the best way to get buyers to zero in and stand out among the competition as we enter into the New Year. Whether that means a price adjustment or advertising strategy, now is the time to talk game plan with a pro listing agent today.
If you're currently on the market and moving towards a sale, our video "Mastering Home Inspections" may be of interest to you!
We wrapped up the year with strong new listings numbers, which could prove to be a great Omen for buyers looking for a home in the upcoming year. However, the competition is still out there, so in order to get a price you can afford 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 currently searching for your first home and new to the market, our video "Spectulations and Vacancy Tax explained" may be of interest to you!
Here is our feature listing of the month, a modern home in the Foothills. View our listing video for 7336 Baldy Lane 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 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 Vernon/North Okanagan 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
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