August 2018 North Okanagan Real Estate Update – Doug Cuthbert – Medium
August 2018 North Okanagan Real Estate Update – Doug Cuthbert – Medium


Residential Detached Homes

Sales By The Month: 93, down 29.01%

Sales Year To Date: 674, down 24.10%

Days To Sell: 62, up 19.71%

Inventory: 500, up 38.12%

Average Price By The Month: $483,666, up 3.69%

Average Price Year To Date: $508,973, up 8.14%

The slowing sales trend continued in earnest in August due to less influence from Lower Mainland buyers and the mortgage stress test forcing some buyers out of the market altogether. While August typically experiences a seasonal slow down, a drop of 29.01% in sales and a rise in inventory of 38.12% compared to August 2017, indicates a broader market trend towards a balanced market.

While a more balanced market means the days of sellers being able to demand a sale price beyond the market with a take it or leave it approach is over for now, those same sellers will now benefit from greater choice on the buying side and no real impact on finances so long as they sell and buy in the same market.

With higher inventory, buyers have more choice and can take a more measured approach to ensure they choose the right home for their needs.

Whether you’re a buyer or a prospective seller, contact me to receive a more in-depth analysis of today’s changing market and how this could effect your housing plans.

Condos

Sales By The Month: 14, down 39.13%

Sales Year To Date: 147, down 4.55%

Days To Sell: 47, down 17.73%

Inventory: 78, down 7.14%

Average Price By The Month: $256,089, up 19.30%

Average Price Year To Date: $215,495, up 6.68%

Condo sales were resilient in the first half of the year but are now also experiencing lower sales as interest softens. While sale numbers remain healthy compared to historic norms, the urgency buyers felt even six months ago has been replaced by a calmer approach better suited to the buyers timeline.

Lots

Sales By The Month: 9, down 18.18%

Sales Year To Date: 64, down 40.19%

Days To Sell: 137, down 49.54%

Inventory: 188, down 13.36%

Average Price By The Month: $228,944, up 33.94%

Average Price Year To Date: $198,904, down 0.97%

Inventory of building lots remain low but will be bolstered in 2019 with the breaking ground of The Highlands of East Hill development. More details to follow in a future blog on this exciting addition to the Vernon landscape.



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