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North Okanagan Real Estate Market Update -June 2018

Brenda Ellis

Brenda Ellis, most frequently known as Brell, is a partner, mom, grammie, friend and a REALTOR® you’ll want to connect with...

Brenda Ellis, most frequently known as Brell, is a partner, mom, grammie, friend and a REALTOR® you’ll want to connect with...

Oct 29 3 minutes read

PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.

How's The Market?


We pulled this chart from the OMREB database. It reflects the months of inventory and market status for Single family homes in the North Okanagan.  You can see that we are into a more balanced market ( 6 months of inventory on hand). When you look at the information below - you will see that the listings now are outpacing the sales DRAMATICALLY which is leading the shift in market dynamics.

The following information is based on data reported June 1st -  30th to the Okanagan Mainline Real Estate Board.

Condo/Apartments

Sales

13

New Listings

31

Current Inventory

75

Number of Months

6

Sell/Inv. Ratio

17.33%

Days to Sell

44

Days – Range

3 to 90

Average Price

$227,358

Median Price

$200,755

Price - Range

$109,000  -  $533,000

Hottest Neighbourhood

Vernon City


Condo/Townhouses

Sales

28

New Listings

49

Current Inventory

132

Number of Months

5

Sell/Inv. Ratio

21.21%

Days to Sell

56

Days – Range

-3 to 161

Average Price

$376,141

Median Price

$392,000

Price - Range

$170,000  -  $685,000

Hottest Neighbourhood

Okanagan Landing


Lots & Acreages

Sales

16

New Listings

45

Current Inventory

327

Number of Months

20

Sell/Inv. Ratio

4.89%

Days to Sell

163

Days – Range

3 to 649

Average Price

$232,158

Median Price

$221,500

Price - Range

$40,000  -  $459,000

Hottest Neighbourhood

Lumby Valley


Residential Single Family Homes

Sales

98

New Listings

234

Current Inventory

483

Number of Months

5

Sell/Inv. Ratio

20.29%

Days to Sell

44

Days – Range

1 to 168

Average Price

$528,700

Median Price

$475,000

Price - Range

$160,000-  $2,400,000

Hottest Neighbourhood

East Hill


Ratio of Sales vs Inventory                 19.52%

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