August Sales Held But Vacation And Lakeshore Improved

Published: September 11, 2018

okanagan lakeAugust Sales Held But Vacation And Lakeshore Improved

By Michael Kinghorn

August sales were slower for homes in the North Okanagan, showing a slight decline over last month, but despite the slower than anticipated market, there was still movement  in our higher end listings. This, despite all of the roadblocks put in place by the government with the ‘Speculation Tax’ and the new mortgage qualification standards for buyers plus the smoky skies and cooler than normal conditions. One would think buyers and vacationers would have gone elsewhere, but sales of vacation and cottage properties remained steady and on pace with last month but up 15% year to date!

 The good news again this month is the sales of waterfront and lakeshore properties continues to be strong compared to August last year and are selling more quickly (69 days) and for a higher average price.

 Homes listed for under $500,000 continue to move, and fairly quickly throughout the region as buyers are still looking for rental options and first time home buyers are still active in the market. Homes listed between $500,000 – $1,000,000 are taking a bit longer to move but while that price range is a bit slower than normal, there is still activity. We are continually monitoring the prices in that range, so give us a call if you would like to discuss it with us.

North Okanagan Residential Real Estate Statistics (Vernon, Coldstream, Silver Star, Armstrong, Lumby & Enderby)

August 2018 Real Estate Update – August 2018 vs August 2017*

  • Overall unit sales down 23% to 181 units.
  • Single Family Residential home sales down 23% to 93 units.
  • Active listings up 9.4% to 1,606 units.
  • Days to sell down 4% to 79 days.
  • Average sale price up 3.4% to $439,125.

Shuswap Residential Real Estate Market Statistics (Salmon Arm & Sicamous)

July 2018 Real Estate Update – Stats for July 2018 vs July 2017*

  • Overall unit sales down 7.8% to 118 units.
  • Single Family Residential home sales down 8.3% to 66 units.
  • Active listings up 12.3% to 1,226 units.
  • Days to sell up 1.4% to 99 days.
  • Average sale price up 2.3% to $411,577.

For more information visit the Okanagan Mainline Real Estate Board at www.omreb.com.

*Source: Okanagan Mainline Real Estate Board Statistics
North Okanagan: North Okanagan Monthly Statistics, August, 2018
Shuswap: Shuswap / Revelstoke Monthly Statistics, August, 2018

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