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Just Released! North Okanagan Market Update for May 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 - May 2022

Sell/Inventory Ratio: 40.38% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)


Days to Sell:

26 (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:

794 (versus 785 in 2021, perhaps a reflection of a market that is normalizing post-pandemic.)


Average List Price:

$873,339 (This number continues to rise, likely a reflection of low inventory!)


Benchmark Price:

Single Family:  $807,600

Townhouse:     $633,600

Apartment:    $342,600

North Okanagan Lakefront Sales:

Waterfront Home Sales:

4 Waterfront homes sold this year to date.  

Waterfront Home Listings:

There are 18 waterfront homes currently on the market versus 8 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:


March: 390

April: 436

May: 436


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


March: 281

April: 257

May: 231


Wrap Up:


Sellers: 

In the wake of the last two unprecedented years, this May was positively tame as far as the market is concerned. Both new listings and sales were just above average, yet sale prices continue to rise. With prices continuing to increase, a competitive listing price could be what your property needs to set it apart from the others. So, If you are considering listing your property, now is the time to get ahead of the game and talk strategy with a knowledgeable listing agent today.  

If you're about to list your home, our new video "How to Stage Your Home Before Professional Photos" will likely be of particular interest to you!



Buyers:

Buyers, if you're new to the market then you may have arrived at a great time, as we saw sales begin to normalize in the past few months. if you've been looking for a while, we think and hope that this could finally be your chance. 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 looking to buy or already started your search, our new video, "Should I Buy A Home Now or Wait?" might be interesting to you!




Here is our feature listing of the month, a charming and updated brick-front home! View our listing video for 342 Scenic Drive 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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