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Just Released! Real Estate Market Update for October 2021


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 - October 2021

Sell/Inventory Ratio: 50.56% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month)


Days to Sell:

40 (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.)


Benchmark Price:

Single Family:  $693,800

Townhouse:     $437,200

Apartment:      $301,200

North Okanagan Lakefront Sales:

Waterfront Home Sales:

42 waterfront homes sold this year to date.  

Waterfront Home Listings:

like last month, only 12 waterfront homes currently on the market versus 25 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:


August: 273 

September: 287

October: 328 (This is a very encouraging number, higher than usual for October!)


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


August: 237

September: 196

October: 222


Wrap Up:


Sellers: 

Here is the good news Sellers, this is still your market! With very low inventory and a continually healthy number of prospective buyers still looking, you are still in a position of advantage when selling your property. However, in direct comparison to October 2020 numbers, this year is setting itself up to be a bit more average. But let us not forget that last year's stats were unprecedented, and by comparison it is easy to fall short. All in all, we are still looking at a very strong market as we look towards the end of this year. Further, with low interest rates, this is your chance to capitalize on a quick sale with a price likely above what you may have anticipated. 


If you're currently listed or thinking about listing your home, and considering going about it independently, here is a link to our Video "Benefits of Hiring an Agent."



Buyers:

We've got to hand it to all of you prospective buyers out there, it has been a long road for many of you in this continually-seller's market. However, as we near the end of 2021, we find ourselves with very healthy new listing numbers, a strong signal that the odds are possibly returning to your favor. However, if you have yet to find that perfect property, your best bet is always to get the experts on your side, so reach out to one of our knowledgeable agents today to get an edge on this tough market. 


If you're house shopping or considering putting in an offer, check out our video "Why price per square foot means nothing.", to learn about how listing prices are determined. 



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.  


250-549-7258 or text 250-309-9586.

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