Monthly Market Update for June

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:   

20.41%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

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

Avg. Sale Price:  

$501,156 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$464,900 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

11 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:

Apr:        443

May:      484

June:      411

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

Apr:      195

May:     203

June:     201

Wrap Up:

Sellers: As we enter the heat of the summer and both buyers and sellers alike retreat to the distractions of summer vacations, it is common to see a decline in both new listings and sales. June was no exception to this rule. However, as a seller on the market, this doesn’t mean a summertime sale is an impossible dream, as sales tend to rise in July and August.  Further, if you are considering listing your home, the mid to late summer is still an opportune time to enter the market. Talk to your agent today for an evaluation!

Buyers: As the market settles into the slower pace of mid-summer, now is an ideal time to make an offer on a home you’ve had your eye on! 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, Laura and Ryan  of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

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