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Just Released! Real Estate Market Update for March 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 - March 2022

Sell/Inventory Ratio: 68.64% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)


Days to Sell:

24 (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:

587 (versus 774 in 2021, most likely simply a reflection of lower inventory.)


Average List Price:

$723,427 (versus $548,031, clearly showing that as inventory declines, our prices continue to rise!)


Benchmark Price:

Single Family:  $779,700

Townhouse:     $486,300

Apartment:    $353,100

North Okanagan Lakefront Sales:

Waterfront Home Sales:

3 Waterfront homes sold this year to date.  

Waterfront Home Listings:

There are only 4 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:


January: 184

February: 283

March: 390


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


January: 150

February: 194

March: 281


Wrap Up:


Sellers: 

We sound like a broken record, but now continues to be a great time to be a seller. With inventory lower than usual, prices steadily increasing, and multiple bids becoming a normality, every available property is more desirable than ever. However, as the weather warms, these stats could easily change, so if you are considering listing your property now is the time to get ahead of the game and speak to a knowledgeable listing agent today.  


If you're looking to sell in the Kalview Estates subdivision and wondering what the benefits are of living in your subdivision?  Or want to pass along those benefits to someone else?  If so, this video might be useful to you!



Buyers:

Buyers, we have to hand it to you for sticking with it during this unprecedented time in the Real Estate Market. However, we are heading into the hottest months of the home buying season, and inventory will be picking up soon. With lower availability and higher listing and sales prices, 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 looking to buy, or simply interested in understanding more about the 8 different taxes in Real Estate, check out our video: "Taxes when Buying, Owning, or Selling a House in the Okanagan."




Here is our feature listing of the month, a single family home with Breathtaking Lake and Mountain views! View our listing video for 305 Killarney Way 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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