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 2023
Sell/Inventory Ratio: 26.27% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)
Days to Sell:
52 (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.)
1142 (versus 794 in 2022)
Average List Price:
Single Family: $777,600
North Okanagan Lakefront Sales:
Waterfront Home Sales:
7 Waterfront homes sold this year to date.
There are 21 waterfront homes currently on the market versus 18 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:
May: 452 (up 2.26% from last year!)
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
May showed a promising upward trend in sales, with an over 14% increase compared to April. However, the sales stats continue to be dominated by the sheer number of new listings, which continues to be significant. Sellers, based on these statistics, the best bet for a quick sale is to leverage the increased demand for single-family homes by ensuring your property stands out among the others. Consider pricing your home competitively to attract potential buyers in the current market. if your home has been on the market now may be the time to have a discussion with your agent about the best way to get buyers to zero in on your property. Whether that means a price adjustment or advertising strategy, now is the time to talk game plan with a pro listing agent today.
If you're currently listed or thinking about listing, our new video "Did You Know Your Home Has THREE Prices?" may be of interest to you!
It's a great time to be a prospective buyer in the Okanagan Valley. May witnessed a significant increase in new listings, with a total of 452 properties hitting the market compared to 353 in April. This represents a 2.26% year-over-year increase, providing buyers with a wider range of options to choose from. However, competitively priced and in-demand listings are being sold quickly, so in order to get a great price or a leg up on a desirable property, you need a real estate expert to guide you in your journey. reach out to our office today to get started!
If you're currently in the market and trying to decide whether buying or renting is better for you, our video "Is It Better to Rent or Buy a House in 2023?" may be of interest to you!
Here is our feature listing of the month, a great property in a superb location. View our listing video for 5391 McIntosh 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.