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 - May 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: 18.32%
Central: 12.30%
Shuswap: 18.21%
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: 55
Central: 46
Shuswap: 55
Active Listings:
North: 1485
Central: 4001
Shuswap: 1110
Benchmark Price:
North:
Single Family: $765,400
Townhouse: $591,600
Apartment: $321,500
Central:
Single Family: $1,015,700
Townhouse: $724,300
Apartment: $507,500
Shuswap:
Single Family: $729,100
Townhouse: $559,600
Apartment: $422,300
Lakefront Sales (Year to date):
North Okanagan Waterfront Home Sales: 5
Central Okanagan Waterfront Home Sales: 11
Shuswap Waterfront Home Sales: 10
Okanagan Shuswap Overall Statistics:
Total Units that were newly LISTED (and active on the market):
North: 474
Central: 1404
Shuswap: 334
Total Units SOLD (all property types including raw land and commercial):
North: 209
Central: 473
Shuswap: 136
Wrap Up:
May delivered some disturbing statistics all across the board. Listings are going up and up and up while sales numbers are pretty lacklustre. For sellers, 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. Maybe that means a price adjustment, a purchase incentive, or even just some new staging or photos. Either way, now is the time to talk game plan with a pro listing agent today.
If you're currently thinking about listing your home and weighing the pros and cons of selling versus renovating, our new video "Upgrade or Move" may be of interest to you!
May delivered with more new listings on the market and reasonable sales. The ball is starting to be in your court, and statistics indicate that things are levelling out. The good news for you is that interest rates took a small drop in what seems like forever - a positive move! Still though, the competition for the best homes is still out there, so 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 thinking about investing in a property and have heard the adage (Buy Low! Sell High!), our new video "Savvy Investors do This: The Secret in Buying Real Estate." may be of interest to you!
Here is our feature listing of the month, a stunning Foothills home. View our listing video for 7200 Silver Ridge 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, 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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