North Okanagan Monthly Market update for July 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:

22.14% (this is how much of what is currently on the market sold last month)

Days to Sell:

70 (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:

$536,437 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$486,450 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

17 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:

May: 484

June: 411

July: 346

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

May: 203

June: 204

July: 240

Wrap Up:

Sellers: This month’s ever so slight increase in sales and decrease in inventory could mean good news if your home is currently on the market. For an even greater chance at catching the attention of prospective buyers, now may be a great time to reevaluate your listing price or selling strategy. If you are considering listing your home, late summer is an opportune time to enter the market as buyers often want to either get situated before their kids go back to school, or before winter. Talk to your agent today for a free home evaluation!

Buyers: As we enter into the early fall months, the expected decrease in new inventory has begun, which can make the home buying process even more difficult. However, a large number of prospective homes still exist on the market, and now could be an ideal time to make a competitive offer! We are seeing a resurgence in multiple offers in the low to mid price ranges and even a few in the higher end. However, if your realtor is on the ball and you get in first, your chances of offering without competition is good.

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!

Further, if you’re curious or confused about the new real estate representation rules in B.C., have a look at our new explainer video (attached in the email) and/or contact our team!

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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