Overall, sales volume reflects that we’re in the midst of a spring market in the Okanagan/Shuswap. However, we don’t have enough inventory to support typical real estate sales for a busy spring market.

Real estate sales in March 2017 were up about 60% over February but are roughly on par with this time in 2016. Our average home price in the region was $475,172. It’s comparable to February and up about 10% from last year. As we’ve noted in the past; ‘average price’ is a funny statistic – we’re hard-pressed to find homes at this average price. Days on market is creeping down as inventory of homes available to sell remains low.

For you as a seller, these conditions may feel beneficial, at first. Beware, once you sell you may find yourselves competing for your next home.

For summer 2017, we anticipate a continued increase in buyer demand – including continued pressure from ‘move-over buyers’ from Greater Vancouver who are seeking markets with greater affordability and the attractive Okanagan/Shuswap lifestyle!

Interesting fact: Beyond price, do you know that the number one factor impacting Canadian’s real estate buying decisions is still LOCATION!

Two-thirds of Canadians confirmed their home’s location is the most important consideration in their buying decision (including: access to green space, access to recreation, proximity to work, proximity to retail centers, and proximity to family and friends). For this reason, our website presentation for your property focuses proximity to parks, schools and services – and why we provide detailed neighborhood profiles.  Read the full REMAX 2017 Spring Market Trends Report.

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

Real estate stats for March 2017 compared to March 2016

• Overall sales up 21% to 225 units.
• Single Family home sales up 7% to 107 units
• New listings, down 20% to 369 units.
• Active listings down 27% to 1,326 units.
• Single Family homes listed down 16% to 156 units.
• Average days to sell down 27% to 108 days.

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

Real estate stats for March 2017 compared to March 2016

• Overall sales down 18% to 89 units.
• Single Family home sales down 27% to 38 units
• New listings, down 30% to 199 units.
• Active listings down 24% to 198 units.
• Single Family homes listed down 23% to 76 units.
• Average days to sell down 32% to 136 days.

Sources:

Okanagan Mainline Real Estate Board Statistics, North Okanagan: North Okanagan Monthly Statistics, March, 2017

Okanagan Mainline Real Estate Board Statistics, Shuswap: Shuswap / Revelstoke Monthly Statistics, March, 2017

REMAX Spring Market Trends Report