Here is an update on current real estate market conditions in the North Okanagan. Monthly statistics are released by the local real estate professional association, OMREB. The North Okanagan Real Estate Area includes Enderby, as well as Vernon, Armstrong, Falkland, Grindrod, Lumby, and Mabel Lake.
Residential Housing Market Update
OMREB reports a total of 139 residential units sold in the North Okanagan in August 2020, down from 147 in July 2020. While fewer homes sold in August, the total dollar value of residential transactions increased from $85.7M in July to $89.5M in August.
The trend shows that current residential housing prices in the local area are increasing, on average. The average residential unit price in August was $644K, up from $583K in July 2020.
Current Real Estate Inventory
The number of active real estate listings remains low. There were 1,357 active total listings in the North Okanagan Real Estate Area in August 2020, marking a 2% drop in real estate inventory from the previous month. Last August there were 1,623 active listings, revealing a 16% drop in local real estate inventory year-over-year.
Total Real Estate Market Trends
In terms of total listings (including commercial, land), 287 listings were sold in August 2020, down slightly from 293 in July. As with the residential portion, the total dollar value of transactions actually increased slightly from July to August.
The August 2020 sold volume of 287 is a major increase from last year in August 2019, when 192 total units were sold. The total dollar sales amount in August 2020 was $160.4M, nearly twice the $81.0M worth of real estate sold in August 2019.
Year-to-date totals for both number of units sold and the total dollar value are now catching up to 2019 volumes after the pandemic-related spring interruption. Year-over-year, units sold are down only -1.54% with the total transaction dollar value up 2.64%.
Source: OMREB North Okanagan Monthly Statistics, August 2020 (https://www.omreb.com/files/08-NO%20Statistics-Aug2020.pdf)
Current Real Estate Market Statistics: https://www.omreb.com/market-stats/
Enderby is located in the North Okanagan Real Estate Area: https://www.omreb.com/community/2/North-Okanagan