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 - September 2021

Sell/Inventory Ratio: 46.51% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month)

Days to Sell:

37 (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. Like last month, this number is fairly low, and a reflection of how fast listings are selling!)

Benchmark Price:

Single Family:  $687,400

Townhouse:     $434,400

Apartment:      $300,800

North Okanagan Lakefront Sales:

Waterfront Home Sales:

41 waterfront homes sold this year to date.  

Waterfront Home Listings:

only 12 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:

July: 303

August: 273 

September: 287

Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:

July: 206

August: 237

September: 196

Wrap Up:

Sellers: 

As the summer comes to an end and the colder months slowly creep in, it is typical to see a market slow down. With upcoming holidays, travel, and changing weather, less properties come on the market and buyers are fewer and farther between. Despite this, last Autumn our market was at an incredible high with unbelievable numbers of both sales and new listings. Unfortunately, it doesn’t appear that the upcoming winter will have the same wow-factor, although the numbers continue to be relatively strong for this time of year. It is likely that we are still seeing the effects of dwindling properties left to list and sell. The market is still busy, and the buyers are definitely still out there. Further, with low interest rates, this is your chance to capitalize on a quick sale with a price likely above what you may have anticipated. 

If you're currently listed or thinking about listing your home, here is a link to our Video "Why price per square foot means nothing" to find out how your agent should help you determine the best list price for your home.

Buyers:

The days may be getting shorter, but things are looking a bit sunnier for buyers. With generally solid numbers of new listings this month and sales beginning to level off, the possibility of you getting your dream home once you find it is looking every so slightly better. However, if you have yet to find that perfect property, your best bet is always to get the experts on your side, so reach out to one of our knowledgeable agents today to get an edge on this tough market. 

If you're beginning your home search and want to narrow down your area, check out our video "Best neighbourhoods in Vernon and Coldstream: Middleton Mountain", to learn about this dynamite place to live!

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.  

250-549-7258 or text 250-309-9586.