824 Middleton Way, COLDSTREAM

Typical of most summers, the real estate market moderated slightly in July, down 6% from June and down 2% from July last year. Prices in our region continued to reflect strong demand for the available supply. The average home price in July reached $504,712, down slightly (1%) from June, but up 6% from July last year.

These averages are a great general overview of the market, but remember they only tell you part of the story. Market conditions can be very different in certain neighborhoods for some unique properties.

The types of buyers has been consistent to the past few months. Roughly 60% of buyers are local, living in our area. About 20% of buyers are shopping for their first property, followed closely by about the same amount of move-up buyers.

Okanagan/Shuswap Real Estate Buyers, Where Are They From?

The three largest buying groups of Okanagan/Shuswap real estate are locals 56%, Vancouver/Lower Mainland 19%

Alberta 10%. Foreign buyers represent 2% of our buyers in the Okanagan/Shuswap region.

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

Stats for July 2017 Compared to July 2016

• Overall sales -7.67% to 254 units
• Single Family home sales +3.65% to 142 units
• New listings, +5.3% to 158 units
• Active listings -16.21% to 1,468 units
• Single Family homes listed -7.82% to 165 units
• Average days to sell -33% to 67 days

Shuswap Real Estate Market (Salmon Arm & Sicamous)

Stats for July 2017 Compared to July 2016

• Overall sales -5.3% to 158 units
• Single Family home sales +8.96% to 73 units
• New listings, +21.6% to 189 units
• Active listings -15.36% to 1,135 units
• Single Family homes listed +45.45% to 96 units.
• Average days to sell -8.2% to 110 days

Source: Okanagan Mainline Real Estate Board Statistics:

North Okanagan: North Okanagan Monthly Statistics, July 2017

Shuswap: Shuswap / Revelstoke Monthly Statistics, July 2017