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:

Sell/Inventory Ratio:

15.47% (this is how much of what is currently on the market sold last month)

Days to Sell:

92 (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 cancelled and then re-listed)

Avg. Sale Price:

$547,131 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$481,450 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

26 waterfront homes sold so far year to date.

North Okanagan overall statistics:

Total Units that were newly LISTED (and active on the market) during each of the past 3 months:

Sep: 271

Oct: 259

Nov: 212

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

Sep: 187

Oct:  177

Nov: 119

Wrap Up:

Sellers: Tis the season for the familiar holiday traditions to ensue, and (unfortunately) the Real Estate Market to drop like snowflakes in a blizzard. This is an expected slow down in the system, and as the season continues the buyers will come back out of their hibernation and start the search process once again. However, there is always a crowd that trudges on in hopes of finding the perfect home for the New Year, so now is still a good time to sell! Talk to your agent today for your home re-evaluation, as a small adjustment in price or selling strategy can go a long way.

Buyers: If you are one of the few buyers continuing the search during the holiday season, you may have the upper hand! The competition is slimmer this time of year, so that may put you at the advantage in finding your dream home. Further, sellers may be more willing to negotiate in order to unload their property before the depths of winter.

If you’re just beginning the home buying purchase, now is the time to find an agent who understands your needs! Reach out to the Salt Fowler Team now to get on our client list and hear about new homes as soon as they come on the market!

Please feel free to Contact Us Anytime: Lisa, Gord, Glenn, Alex, Joanne, Avrill, Christie, Bryan, Laura and Ryan of the Salt Fowler Team, RE/MAX Vernon – Top RE/MAX Team in British Columbia for 2018.