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 - July 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: 17.44%

Central: 11.38%

Shuswap:  13.62%

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: 62

Central: 51

Shuswap: 66

Active Listings:

North: 1560

Central: 4230

Shuswap: 1177

Benchmark Price:

North:

Single Family:  $762,000

Townhouse:     $561,200

Apartment:    $317,700

Central:

Single Family:  $1,025,200

Townhouse:     $779,200

Apartment:    $493,800

Shuswap:

Single Family:  $735,400

Townhouse:     $526,700

Apartment:    $408,100

Lakefront Sales (Year to date):

North Okanagan Waterfront Home Sales:  9

Central Okanagan Waterfront Home Sales: 23

Shuswap Waterfront Home Sales: 17

Okanagan Shuswap Overall Statistics:

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

North: 354

Central: 1153

Shuswap: 239

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

North: 163

Central: 438

Shuswap: 109

Wrap Up:

Sellers:

In the peak of the summer, when vacations and days on the lake take priority over open houses, it's typical to see a slowing down of the Real Estate Market. July was no exception, however it brought along with it some surprises as well. With new listings still at an increase over July of last year, it is clear that the sellers and inventory are still out there. However, a marginal decrease in sales further supports the idea that we are heading into a more buyer-sided 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.  

If you're currently listed or considering listing your property, our new video "Home Selling: Beauty Contest or Price War?" may be of interest to you!

Buyers:

July brought along with it more good news for our buyers. In comparison to July of last year, new listings hitting the market were again on the up and up. Additionally, our days to sell numbers are increasing, and sales numbers are slowing down. What does this mean for you? With less competition out there to drive up prices, now is your chance to get a leg up on the property of your dreams. 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 looking for a unique perspective, our new video "Tour Okanagan (Eastside) Lakeshore Properties for sale by Seadoo." may be of interest to you!

Here is our feature listing of the month, the ultimate downsizer in a desirable Vernon community. View our listing video for 50 7760 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, 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