Sales Slowed In September But Vacation and Lakeshore Picking UpPublished: October 9, 2018
Home prices have continued to rise in the North Okanagan and Shuswap despite a decline in actual sales of residential property. This ‘re-balancing’ of the market has seen it move from a more of a sellers’ market to one that is more even between home buyers and home sellers. The economy is still going strong and interest rates are predicted to rise once again this month, so the timing is right to get your home sold!
So what does that mean for you, our client? Well, home prices are climbing but sales are down, which will eventually lead to downward pressure on home prices in the North Okanagan and Shuswap. Homes that are priced correct for the market are selling and more quickly. This month homes are taking an average of 98 days to sell, which is up over the same month last year, but overall, it is down almost 11% year to date.
The buyers are still coming though. First-time buyers make up 16% of the current buyers in the market, although two-parent families with children topped the list at 30% of buyers. Those buying for revenue or investment purposes were 14%. Typical for the region, the largest buyer group, at 56%, comprised those who already live in the area, with the next largest groups being those from the Lower Mainland/Vancouver Island at 21% and those from Alberta at 12%. The reality is that 84% of the buyers are BC residents!
With that in mind, lakeshore sales are the one highlight to date as sales of properties on the lakes in the North Okanagan have remained strong and are up 7%. So now is the time to take advantage!
North Okanagan Residential Real Estate Statistics (Vernon, Coldstream, Silver Star, Armstrong, Lumby & Enderby)
September 2018 Real Estate Update – September 2018 vs September 2017*
- Overall unit sales down 21% to 167 units.
- Single Family Residential home sales down 29% to 139 units.
- Active listings up 3.8% to 302 units.
- Residential days to sell up 4.8% to 78 days.
- Residential average sale price up 12.9% to $473,605.
Shuswap Residential Real Estate Market Statistics (Salmon Arm & Sicamous)
September 2018 Real Estate Update – Stats for September 2018 vs September 2017*
- Overall unit sales down 24% to 108 units.
- Single Family Residential home sales down 15% to 87 units.
- Active listings down 32% to 129 units.
- Residential days to sell up 41% to 117 days.
- Residential average sale price up 12% to $412,563.
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, September, 2018
Shuswap: Shuswap / Revelstoke Monthly Statistics, September, 2018