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Just Released! Market Update for February 2022

   


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 - February 2022

Sell/Inventory Ratio: 61.54% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)


Days to Sell:

29 (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. This number is TINY! Homes are moving fast!)


Benchmark Price:

Single Family:  $743,300

Townhouse:     $475,000

Apartment:    $349,000

North Okanagan Lakefront Sales:

Waterfront Home Sales:

3 Waterfront homes sold this year to date.  

Waterfront Home Listings:

There are only 5 waterfront homes currently on the market versus 19 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:


December: 119 

January: 184

February: 283


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


December: 158

January: 150

February: 194


Wrap Up:


Sellers: 

As we enter into 2022, we are seeing a similar trend to 2021 in both Real Estate sales and new listings. Numbers are rising quickly and promising what looks to be the beginning of another incredible year. Although not quite as high as February in 2021, last month's sales were still high for this time of year. Further, both the average and median sales prices are skyrocketing. As the weather warms, these numbers will only rise, so if you are considering listing your property now is the time to get ahead of the game and speak to a knowlegeable listing agent today.  


If you're looking to better understand the how and why of this unprecedented market, please watch our new video:  "Housing Boom: What's the Cause?."



Buyers:

You've got to be extra tough to be a buyer in this ruthless market, and wa hand it to you for stepping into the game! The good news is, new listings for February in 2022 were promisingly high, increasing your chances and odds of finding that dream home. However, with that are also high sales numbers and high prices, so it is even more vital to get a top agent on your side. If you haven't already, now is the time to find a real estate expert to guide you in your journey, reach out to our office today to get started. 


If you're waterfont house shopping or considering starting, and trying to narrow down your area of search, check out our new tour of the area's hottest waterfront community: "The Outback Resort: Waterfront Tour." 




Here is our feature listing of the month, a rare Waterfront home on Swan Lake with acreage! View our listing video for 7069 Old Kamloops 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.  


Call 250-549-7258, Text 250-309-9586 or email webinfo@saltfowler.com. 

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