Monthly Market Update for August 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:

17.99% (this is how much of what is currently on the market sold last month)

Days to Sell:

73 (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:

$538,663 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$485,000 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

20 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:

June: 411

July:  346

Aug: 333

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

June: 204

July:  240

Aug: 192

Wrap Up:

Sellers: As expected, the market has begun its slow recession into the upcoming fall and winter months. Both the minor decreases in listings sold and new listings are on trend with this forecasted change. However, fear not sellers. This seasonal adjustment in the market is slow to take affect and always temporary. Buyers are still searching the inventory, and now is an opportune time to make a slight change in your selling strategy to really catch their attention! Talk to your agent today for your home re-evaluation, as a small adjustment in price or selling strategy can go a long way in this market!

Buyers: Now is a wonderful time to be a buyer! As we enter the fall months, sellers are eager to close on their property before another winter, which can often put prospective buyers in a place of leverage. However, a talented agent is still your best ally as we continue to see multiple offers on low to mid range properties. Further, there are still a good amount of homes on the market, so now is a perfect time to either start the process or make a competitive offer on that place you’ve had your eye on all summer!

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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