North Okanagan Market Update for October 2019

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:

16.82% (this is how much of what is currently on the market sold last month)

Days to Sell:

84 (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 cancelled and then re-listed)

Avg. Sale Price:

$559,481 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$521,500 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

24 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:

Aug: 333

Sep: 271

Oct: 259

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

Aug: 192

Sep: 187

Oct:  177

Wrap Up:

Sellers: This month we saw the all-to-familiar cooling down of the average temperatures, and along with that comes the familiar cooling of the real estate market. While this time of year might be more difficult for the seller, fear not! There are still plenty of buyers out there looking for a new home for the upcoming New Year. Yet, as the market begins to slow in anticipation of the holiday season, now is an opportune time to reevaluate your selling strategy. Talk to your agent today for your home re-evaluation, as a small adjustment in price or selling strategy can go a long way.

Buyers: This month saw a continued decrease in new listings, as predicted with the impending arrival of winter. However, while the temperatures might be dropping, the market isn’t frozen! The late fall is a perfect time to make an offer on the property of your dreams, when sellers are eager to close before the winter.

If you’re just beginning 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, Laura and Ryan of the Salt Fowler Team, RE/MAX Vernon – Top RE/MAX Team in British Columbia for 2018.


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