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Just Released! North Okanagan Real Estate Market Update for October 2022

   


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 2022

Sell/Inventory Ratio: 19.54% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)


Days to Sell:

58 (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.)


Active Listings:

976 (versus 756 in 2021!)


Average List Price:

$764,808


Benchmark Price:

Single Family:  $721,500

Townhouse:     $558,800

Apartment:    $306,600

North Okanagan Lakefront Sales:

Waterfront Home Sales:

15 Waterfront homes sold this year to date.  

Waterfront Home Listings:

There are 18 waterfront homes currently on the market versus 12 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: 332 

September: 268

October: 278


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

August: 150

September: 135

October: 140


Wrap Up:


Sellers: 

As we begin the inevitable descent into another Okanagan Winter, we are seeing a decent market for sellers. It may not be quite as record-breaking as the past couple of years but we are still seeing numbers that can affect a sale. However, that being said, with each month the number of new listings is rising and the number of sales is decreasing, so if you are considering listing your property, now could be the time to get into the game and talk strategy with a knowledgeable listing agent - and keep your price sharp!   

If you're selling and in need of a refresher course on the Taxes when Selling or Owning a Home, check out our video "Taxes when Buying, Owning, or Selling in a House in the Okanagan" 


Buyers:

Buyers, just because the temperatures are dropping there is no need to stop the home search process! With strong new listing numbers, the inventory seems to be in your favor. Further, lower median sale prices give an indication that negotiation is back on the table. Good news for buyers came in this past month, with interest rates only rising by 50 basis points instead of the expected 75 - that's a win for Buyers!  However, 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 - you need to be an educated buyer - reach out to our office today to get started.  We will guide you every step of the way.  

If you're trying to narrow down your search, our new video "Is It Better to Live in Vernon or Nakusp?" Hope this video is of interest to you!




Here is our feature listing of the month, a 2020-built walkout rancher with lots to offer. View our listing video for 7193 Gray 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 critical.  


Call 250-549-7258, Text 250-309-9586 or email webinfo@saltfowler.com

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