I'm thrilled to bring you a swift overview of the exciting real estate developments in Vernon, BC for October 2023.

Diving into the Numbers: Market Absorption Rates

Let's start by dissecting the market absorption rates for October. Apartments experienced a slight dip to 15.25% from 18.03%, while townhouses soared to an impressive 37.66%, up from 24.14%. Land maintained its stability at 3.83%, but the real surprise was single-family homes, witnessing a significant rise to 18.73% from last month's 10.29%.

Overall Market Pulse

The overall market absorption stands at a healthy 22.16%, a noteworthy increase from September's 13.2%. This surge was quite unexpected but certainly paints an intriguing picture of the local real estate landscape.

New Listings and Inventory Insights

In October, 271 new listings entered the market, marking a slight decrease from the previous month. However, this brought our total listing inventory to 1189, indicating a robust 21.82% increase from the same period last year. For potential buyers, this means a plethora of options to explore.

Sales Performance

Total sales for October reached 152, showing a commendable 10.14% increase from the previous month. However, when compared to last year, there was a 10.79% decline, aligning with anticipated market adjustments.

Benchmark Price and Influencing Factors

The benchmark price for the period is $755,400, reflecting an increase from the prior month but a decrease from the five months preceding it. This shift is attributed to the impact of rising interest rates, a factor worth keeping an eye on for both buyers and sellers.

Stay Tuned for In-Depth Insights

For a comprehensive and detailed market update, make sure to subscribe to our YouTube channel. We'll be releasing a complete analysis video next week that delves into the intricacies of the market trends, providing valuable insights for anyone interested in the local real estate scene.

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About the Author: The article above, Market Snapshot for Vernon BC for October 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 helped thouands 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