May North Okanagan Real Estate Update

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:

Sell/Inventory Ratio:   

20.23%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

49 (how many days on average it is taking to sell a home) – down from last month.

Avg. Sale Price:  

$515,543 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$489,069 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

10 waterfront homes sold so far year to date

North Okanagan overall statistics:

Total Units that were newly LISTED (and active on the market) during each of the past 3 months:

Mar:       347

Apr:        443

May:      484

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

Mar:     157

Apr:      195

May:     203

Wrap Up:

Sellers: While not the most remarkable month in terms of sales, May slowly but surely continued the trend we saw starting in April. While we unfortunately saw a slight decrease in the sell/inventory ratio over last month, the number of days it takes to sell a property has also continued to lower. As a seller on the market today, these numbers further indicate a market that is slowly, but surely leveling back out. If you are considering listing your home, the early summer is an optimal time to enter the market. Talk to your agent today!

Buyers: As we are now in the midst of the peak season in real estate, the number of homes on the market continues to rise, with more inventory every month. However, don’t delay if you’ve found a promising home, especially with these low interest rates.   If you’re in the beginning stages of the home buying purchase, now is the time to find an agent who understands your needs! Reach out to the Salt Fowler Team now to get on our client list and hear about new homes as soon as they come on the market!

Please feel free to Contact Us Anytime:  Lisa, Gord, Glenn, Alex, Joanne, Avrill, Christie, Bryan and Laura of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

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