We're here to provide you with a quick overview of the North Okanagan's real estate market for the month of August.
We saw a significant improvement in the apartment market, with a 33.33% absorption rate, up from 25.23% the previous month.
Townhouses closely followed apartments with a 34.88% absorption rate, indicating a strong demand, which was also an increase from the previous month.
Land absorption also saw positive growth, improving to 4.61% from 2.29%.
Surprisingly, the only category that experienced a decline was single-family dwellings, which dipped to 16.54% from 20.49%. However, the overall market remains balanced with a 20.93% absorption rate.
In August, there were 321 new listings, which is 5.31% lower than the same period last year. Total listings now stand at 1,226, representing a 19.14% increase year-over-year.
Now, let's talk about sales—the most exciting aspect we analyze each month. In August, there were 167 sales, almost identical to July, with just one sale difference compared to the previous year. However, there was a 23.6% decline in sales, which was expected.
It's important to remember that real estate markets are highly localized and can change rapidly. For personalized advice and in-depth insights, feel free to contact your local experts at Remax Vernon Salt Fowler.
In summary, the North Okanagan real estate market in August remained stable.
About the Author: The article above, Real Estate Market Snapshot for Vernon BC - August 2023, was provided by Lisa Salt, an authority on Vernon BC and area real estate and a leader in the field of real estate blogging and vlogging. Lisa and her group have helped literally helped thouands of families buy and sell homes since 1993.
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