North Okanagan Market Update for September 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:

16.56% (this is how much of what is currently on the market sold last month)

Days to Sell:

61 (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:

$514,173 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$475,000 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

22 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:

July:  346

Aug: 333

Sep: 271

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

July:  240

Aug: 192

Sep: 187

Wrap Up:

Sellers: As we enter into the official months of Fall, we expect to see a rather gradual decline in the market, both in new listings and sales of current homes on the market. While this year is technically following trend, in comparison to 2018’s decline in sales for the month of September, we saw a nearly 13% increase! So what does this mean for you as sellers? It means that buyers are still out there and the market is still active, so your home stands a chance to sell before the winter hits. In order to catch the attention of prospective buyers, now is an opportune time to make a slight change in 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 rather significant decrease in new listings, as anticipated with the arrival of Fall. However, fear not prospective buyers! There are still a number of great properties on the market and plenty of warm weather house hunting days left before the frost ensues. Further, now is an opportune time to make a courageous offer on the property of your dreams, as sellers are getting more and more anxious to sell before the season slows even more.

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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