April North Okanagan Real Estate Update

This North Okanagan Real Estate Update covers the areas of:  Vernon, Coldstream, Falkland, Armstrong, Enderby and Lumby.

Updated Stats for Residential Homes in the North Okanagan:

Sell/Inventory Ratio:   

22.82%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

57 (how many days on average it is taking to sell a home) – down from last month.

Avg. Sale Price:  

$533,300 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$503,500 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

9 waterfront home sold year to date

North Okanagan overall statistics:

Total Units that were newly LISTED (and active on the market) during each of the past 3 months:

Feb:        265

Mar:       347

Apr:        443

Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:

Feb:      121

Mar:     157

Apr:      195

Wrap Up:

Sellers: While it’s never a good idea to count your chickens before they hatch, this month has been a good indicator that the market hasn’t quite run out of steam yet! The sell/inventory ratio has greatly improved and days to sell has decreased by nearly 30% since last month. Part of this is our typical season increase.

While the increase in number of listings on the market equals more competition, the sales have also increased. If you are considering selling your home but are not yet on the market, now is an ideal time to speak to your listing agent. As they say, strike while the iron is hot! (or in this case, warm)

Buyers: We saw a significant increase in new listings this month over last month, which can be music to buyers ears. More inventory can seem like a great market for finding a good deal, this month we also saw a notable increase in total sales over last month. The market could very well be levelling back out, so the best we can recommend is to not delay when you find a home that you love. If you’re in the beginning stages of the home buying purchase, now is the time to find an agent who understands your needs! Reach out to the Salt Fowler Team now to get on our client list and hear about new homes as soon as they come on the market!

Please feel free to Contact Us Anytime:  Lisa, Gord, Glenn, Alex, Joanne, Bryan, Avrill and Christie of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

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