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 - July 2023
Sell/Inventory Ratio: 20.49% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)
Days to Sell:
52 (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:
1227 (versus 973 in 2022)
Average List Price:
$882,335
Benchmark Price:
Single Family: $785,800
Townhouse: $600,400
Apartment: $354,100
North Okanagan Lakefront Sales:
Waterfront Home Sales:
11 Waterfront homes sold this year to date.
There are 26 waterfront homes currently on the market versus 24 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:
May: 452
June: 398
July: 329
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
May: 196
June: 227
July: 168
Wrap Up:
While temperatures might be heating up in peak of the summer season, the real estate market has certainly been flat versus hot. Unfortunately, both sales and new listing numbers were the lowest they've been since the start of spring. But in contrast, prices for July hit record breaking numbers. If you are listed, this could be great financial news if you can get the attention of a buyer. If your home has been on the market now may be the time to have a discussion with your agent about the best way to get buyers to zero in. 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 listed and trying to decide your next steps after selling, our new video "Investing in Real Estate: Strategies for Beginners." may be of interest to you!
July proved to be another interesting month in the lives of potential buyers. Sales numbers were the lowest they have been in months, a possible indication that the market is flattening in your favour. However, sale prices continue to increase, which could be bad news for buyers at risk of being priced out of the market. 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 in the market for your first home, our video "7 Tipes for First Time Buyers in Vernon BC." may be of interest to you!
Here is our feature listing of the month, a character-filled home filled with updates. View our listing video for 7956 Okanagan Landing 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, Just Released! Real Estate Market Update for June 2023, 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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