Michael A. Jones - PREC* | Royal LePage Kelowna
July was an active month in the Vernon & North Okanagan area, especially compared to last summer. Sales and prices increased across most segments. Detached home prices inched up slightly month-over-month, even as days to sell grew longer. Townhomes saw faster sales but gave back some price gains. Condos remained soft, with fewer transactions and price declines. Buyers continue to engage cautiously, motivated by stable interest rates and some anticipation around a potential September rate cut. Here’s what happened in July.
The North Okanagan includes Vernon, Coldstream, Armstrong, Enderby, and Lumby.
Overall Market Activity
- Total Sales: 194 (up 19.0% YoY)
- Sales Volume: $132.1M (up 26.4%)
- Active Listings: 1,653 (up 5.96%)
- New Listings: 391 (up 8.3%)
- List-to-Sell Ratio: 96.37%
- Days to Sell (Avg): 72 (up from 65)
Sales jumped year over year, supported by strength in the single-family and townhome markets. More listings came online, but not enough to meet buyer demand. The result? More overall competition and firm pricing in well-located, move-in ready homes.
Property Type Breakdown
Single Family Homes (Excludes Lakefront & Acreage)
- Sales: 86 (up 2.4% YoY)
- Average Price: $801,409 (up 6.8% YoY)
- Benchmark (HPI): $770,500 (up 1.1% YoY)
- Median Price: $734,650 (up 6.0% YoY)
- Days to Sell: 60
- New Listings: 165
Insight: Month over month, average and median prices rose modestly, even as homes took longer to sell. This suggests buyers are active but selective. Inventory eased slightly, which could support prices into fall.
Townhomes
- Sales: 29 (up 31.8% YoY)
- Average Price: $472,922 (down 5.6% YoY)
- Benchmark (HPI): $563,100 (up 0.3% YoY)
- Median Price: $453,000 (down 5.1% YoY)
- Days to Sell: 68
- New Listings: 42
Insight: Sales improved from June, and homes sold faster. While average price fell sharply, the benchmark remained stable. Buyers appear focused on specific value points in desirable complexes.
Condo/Apartments
- Sales: 11 (down 31.3% YoY)
- Average Price: $323,195 (down 10.4% YoY)
- Benchmark (HPI): $320,700 (up 0.9% YoY)
- Median Price: $269,000 (down 26.2% YoY)
- Days to Sell: 66
- New Listings: 19
Insight: The condo segment softened further in July, both year over year and month to month. Lower prices and longer selling times reflect a more cautious buyer pool. However, the HPI value remained steady, showing select units still hold appeal.
This report is for informational purposes only. Always consult with a licensed professional before making real estate decisions.
Market Takeaway
July showed meaningful activity gains in the North Okanagan. Detached and townhome markets held firm, while condos softened. Buyers are engaged but patient. Inventory is gradually building. Steady interest rates support confidence, and a possible cut in September may stimulate activity. Expect the market to slow seasonally into September, but solid fundamentals remain in place.
Graphics
SINGLE FAMILY
TOWNHOMES
CONDOS
HPI
