Looks like a good time to act if you're thinking of selling your home or condo in the Salmon Arm and Okanagan regions.
The latest real estate market statistics report (for March) released by the Okanagan Mainline Real Estate Board (which includes the Shuswap and Salmon Arm areas), show that inventory is very low across the area.
That means it's a seller's market right now. And it's spring, the time of year when many people look to purchase a new home or property.
According to the OMREB, the inventory level is 37% lower than it was at this time last year.
“While sales volumes and other indicators are reflective of this time last year, our market continues to be hampered by a lack of properties for sale,” said Tanis Read, the recently-inducted 2017 President of OMREB, in a statement. “This means we will likely not have the volume of inventory needed to support the typically busy spring months.”
The other good news for sellers is, right now, homes are selling faster. The number of days on market for a home dropped down to 79 in March. In February it took an average of 87 days to sell and, a year ago, it was 96 days.
Throughout the entire Okanagan area, the average home price through last month was $475,172. That's comparable to February prices, and up 10% over March 2016.
Salmon Arm/Shuswap Region Stats (March, 2017)
- Units Sold: 89 (38 residential)
- Average Price: $575,999 (single-family home)
- Median Price: $536,250 (single-family home)
- Avg. Condo Price: $202,677
- Avg. Townhome Price: $351,000