Salmon Arm Real Estate Market Cooling ... Slowly

Posted by Marv Beer on Thursday, October 12th, 2017 at 10:49am.

 Like the difference from summer to autumn, the real estate forecast for Salmon Arm and the Shuswap has cooled as seasonal change affects both the weather and the real estate market.

The real estate market generally cools off in the fall, and, so far this year, it's cooled off ever so slightly in the Sushwap area.

For the area from Revelstoke to Salmon Arm and the Shuswap regiion, a total of  142 units were sold in September, down from 161 in August. Of those sales, 53 were residential. And those residential sales are also down 19 units from August's sales.

In terms of home prices on single-family homes and acreages in Salmon Arm and the Shuswap for September, the average selling price was $523,530, down ever so slightly from August's average of $526,855. When you combine all residential units (including condos and townhomes), the selling price last month was $369,133, which is down from August when residential properties averaged $434,139. 

On a year-over-year basis, home prices are down 0.35% from 2016, while condos are down 1.29%. 

The one exception, however, when it come to price, are townhomes. They are up 12.37% from 2016 at a current average price of $314,613. 

When you include the whole region from Peachland to Revelstoke, the slight cooling trend is also in effect, according to the Okanagan Mainline Real Estate Board. There were 740 sales last month, representing a drop of 16% from August and 16% less from the same time in 2016.

 “While the slow-down is moderate, the signs are there: fewer sales, not as many active and new listings and a rise in the average number of days it takes to sell a home - all of which suggest a cooling off period,” said OMREB President Tanis Read, in a statement.

For the entire region, the average price in September was$496,433, which up just 1.5% from August. New listings of 1,118 were slightly down from the 1,297 in August, and the average number of days it took to sell a home in September went up to 78 days from 70 in August. That's still down from 90 days this time last year.

Active listings for the region currently at 5,091, 3% fewer than last month and 4% less than September last year.

Read notes a less than 3% difference between June and September average pricing, and less than 4% difference between September’s pricing and this time last year. “Despite the market’s gradual shift towards a more balanced one, which is where the market more equally favours both buyers and sellers, average price remains relatively constant,” Read added.

Salmon Arm Real Estate Stats September 2017

If you have any questions about the Salmon Arm or Shuswap real estate market, Contact Royal LePage Access today. Reach us by phone at (250) 832-9997. Or call toll free at 1-877-604-9007.

Royal LePage Access Real Estate Team

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