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 - October 2023
Sell/Inventory Ratio: 18.73% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)
Days to Sell:
58 (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:
1189 (versus 976 in 2022)
Average List Price:
$816,868
Benchmark Price:
Single Family: $728,100
Townhouse: $549,800
Apartment: $321,500
North Okanagan Lakefront Sales:
Waterfront Home Sales:
18 Waterfront homes sold this year to date.
There are 25 waterfront homes currently on the market versus 18 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:
August: 321
September: 325
October: 271
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
August: 167
September: 110
October: 152
Wrap Up:
Along with Fall Foliage and cooler temperatures, October brought with it a strong surge in the Real Estate Market. Total sales showed a 10 percent increase over last year, and both the Sell/Inventory and List/Sell ratios were very strong for this time of year. However, this trend may not last long, so 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 or thinking about listing your home, our video "Why Sell your Home in the Fall or Winter" may be of interest to you!
October numbers spoke, and we listened. You buyers are still out there, and snapping up new listings before the Winter arrives. Last month, sales were very strong for this time of year but new listings were simply average, 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 in the market and considering an income property, our video "BC Regulations: Short Term Rentals" may be of interest to you!
Here is our feature listing of the month, a new build in The Outback. View our listing video for 25 9845 Eastside 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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