RE/MAX Vernon office at Silver Star Mountain Resort

Spring has been painfully slow to arrive in the Okanagan/Shuswap this year and so has the usually brisk spring real estate market. But we are seeing an increase in activity in the last few weeks so there is light ahead!
Overall, real estate sales are 10% lower than the same time last year. Despite this, it is busy with prices still on the rise… Prices are on up 9% from January and 13% higher than last year. Inventory – or rather, the lack of it – is the driving force – there are nearly 30% fewer listings on in our area!

Multiple offer scenarios and the need for quick decisions can result in an energized, prickly and stressful situation not only for competing Buyers but also for successful Sellers who find themselves find themselves in buyer’s shoes!

Who Is Buying?

• 55% from within local area
• 21% Vancouver/Lower Mainland/Vancouver Island
• 12% Alberta
• 2% Foreign

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

February 2017 vs. February 2016

• Overall sales down 4.26% to 135 units
• Single Family home sales 16% to 59 units
• New listings down 27% to 226 units
• Active listings down 24% to 1,260 units
• Single Family homes listed down 27% to 94 units
• Average days to sell down 9% to 114 days

Shuswap Real Estate Market (Salmon Arm, Shuswap & Sicamous)

February 2017 vs. February 2016

• Overall sales down 4% to 54 units
• Single Family home sales down 4% to 26 units
• New listings down 19% to 161 units
• Active listings down 21 to 877 units
• Single Family homes listed 27% to 50 units
• Average days to sell down 28% to 120 days

Source: Okanagan Mainline Real Estate Board Statistics:
North Okanagan: North Okanagan Monthly Statistics, February 2017
Shuswap: Shuswap / Revelstoke Monthly Statistics, February 2017