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 - February 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: 16.06%
Central: 11.11%
Shuswap: 12.06%
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: 102
Central: 77
Shuswap: 97
Active Listings:
North: 1070
Central: 2880
Shuswap: 652
Benchmark Price:
North:
Single Family: $734,500
Townhouse: $558,700
Apartment: $340,700
Central:
Single Family: $1,009,100
Townhouse: $754,900
Apartment: $508,600
Shuswap:
Single Family: $696,100
Townhouse: $532,000
Apartment: $422,900
Lakefront Sales (Year to date):
North Okanagan Waterfront Home Sales: 1
Central Okanagan Waterfront Home Sales: 0
Shuswap Waterfront Home Sales: 2
Okanagan Shuswap Overall Statistics:
Total Units that were newly LISTED (and active on the market):
North: 258
Central: 997
Shuswap: 181
Total Units SOLD (all property types including raw land and commercial):
North: 104
Central: 268
Shuswap: 50
Wrap Up:
February brought along a very strong uptick in new listings numbers, which could signal a slight change in the market as we enter into this new year, particularly in combination with lower sales in both North Okanagan and Central Okanagan (in comparison to February of 2023) For sellers, this mean the competition is getting fiercer. If your home has been listed for a while now, it 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 rest. 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 considering listing your home and want to learn more about how pricing in the area works, our video "Exploring North Okanagan, what a MILLION DOLLARS buys you" may be of interest to you!
It is a good time to be a buyer in the Okanagan. With new listing numbers in North Okanagan, Central Okanagan, and the Shuswap all over 20% higher than last year, the inventory is growing. 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 new to the home buying process and want to learn about the DOs and DON'Ts, our video "Navigating Home Buying Etiquette." may be of interest to you!
Here is our feature listing of the month, a charming home in North BX. View our listing video for 6473 Herry Road 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
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