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MARKET UPDATE AND VERNON REAL ESTATE STATS

Vernon BC and North Okanagan Real Estate Market Update – May, 2015

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

For May of this year, the market has flattened out somewhat. This is relatively normal for this time of year as the active Spring market starts to turn into the summer market.

North Okanagan overall sales statistics:

Total Units LISTED (and actively on the market) during each of the past 3 months:

March: 452
April: 458
May: 468

Most recent month as compared to 2014: Pretty much flat at -1.06% decrease.

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

March: 139
April: 203
May: 229

Most recent month as compared to 2014: Decrease of -6.15%.

Total RESIDENTIAL Units SOLD (includes houses, condos and manufactured homes for sale in Vernon BC) during each of the past 3 months:

March: 142
April: 161
May: 209

Most recent month as compared to 2014: Decrease of -5.43%

Inventory – the “Competition” for Sellers and the “Choices” for Buyers:

March: 1922 listings on the market – 13.9 months of inventory
April: 2066 listings on the market – 10.2 months of inventory
May: 2154 listings on the market – 9.4 months of inventory

Year over year comparison versus May 2014: 2224 or 9 months of inventory. (These numbers are calculated based on the number of units currently on the market, at the rate they are currently selling)

To put this into perspective, as a ratio, 9.7% of the inventory sold in May, which means nearly 90.3% of what is on the market did NOT sell.

Wrap Up:

Sellers: The market continues to be busy and sales keep increasing. An interesting point though is that residential sales for single family homes are actually down by 7.75% over last year, and waterfront home sales are down by 36% year over year. Our biggest winners year to date are acreages with homes – up by 38.98%, and townhouse sales up by 29.67%.

Our new website has thus far been a great success! Please feel free to check it out at AlbertaPlaysHere.com. If you own a waterfront, recreational, golf or ski home – call us and we can explain how this website will attract higher exposure to your property here in BC.

Buyers: Although we are seeing some multiple offer situations and some homes selling very quickly, there are still many homes in the North Okanagan to choose from when looking to buy. The MLS (Realtor.ca) is a great place to start your home search, however please note that it can be quite out of date. We can offer you up to the minute information on homes that are currently available, and get you to the front of the line with access to hot new listings!

Vernon BC and North Okanagan Real Estate Market Update – March, 2015

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

This month we are seeing a few more sales and lots of new listings entering the market, making for quite a lot of competition for sellers out there in some price ranges.

North Okanagan overall sales statistics:
Total Units LISTED (and actively on the market) during each of the past 3 months:

January: 235
February: 301
March: 452

Most recent month as compared to 2014: Down 23.84% !!

As above, Spring is here in full force with a mad rush for everyone to get their homes on the market as soon as they possibly can!

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

January: 84
February: 88
March: 139

Most recent month as compared to 2014: Increase of -2.11%

Total RESIDENTIAL Units SOLD (includes houses, condos and manufactured homes for sale in Vernon BC) during each of the past 3 months:

December: 96
January: 84
February: 76

Most recent month as compared to 2014: Decrease of 13.43%

Inventory – the “Competition” for Sellers and the “Choices” for Buyers:

January: 2653 listings on the market – 19.7 months of inventory
February: 1767 listings on the market – 20.1 months of inventory
March: 1922 listings on the market – 13.9 months of inventory

Year over year comparison versus March 2014: 1913 or 13.4 months of inventory. As you can see, we are nearly neck in neck with last year’s numbers. Even though we have more listings on the market, the number of sales is eating into the inventory and we are keeping pace with 2014.

(These numbers are calculated based on the number of units currently on the market, at the rate they are currently selling)

To put this into perspective, as a ratio, 6.35% of the inventory sold in February, which still means nearly 93.65% of what is on the market did NOT sell. These numbers are a definite improvement from 2014.

Wrap Up:

Sellers: We keep expecting to see the lower oil prices affect our market, however we aren’t really experiencing significant decreases as of yet. Throughout the valley there has been 16 lakeshore sales this year versus 20 sales to date last year, same time period. Down 4 sales, or 20%, however thus far not the bloodbath some were expecting.

We still have not officially launched our new website as we still have so much we have wanted to add to it! However definitely it will launch within the next two weeks. Please feel free to check it out at AlbertaPlaysHere.com. If you own a waterfront, recreational, golf or ski home – call us and we can explain how this website will attract higher exposure to your property here in BC.

Buyers: Lots of new listings hitting the market these days and we are once again seeing multiple offers in our marketplace. A week ago we dealt with FOUR offers on the same condo within 48 hours of listing and it sold for 107% of the list price! Our buyer specialists are reporting that many of the homes their buyers are waiting on before putting in offers, are gone before they have the opportunity to view again. If you have a home that you want – the best advice we can give is to move quickly or you may miss a home you really love.

If you are not from the area, or are and are interested in a sneak preview of our new Vernon and North Okanagan promotional video – please click here to have a look.

If you would like to view thousands of available homes on the MLS in the Okanagan Valley all in one place, please visit our website and save some time and frustration: Click here to View Thousands of Homes online in one place!

Vernon BC and North Okanagan Real Estate Market Update – January, 2015

North Okanagan sales for January 2015 shows mixed signals for the start of the year, no doubt due to the uncertainty surrounding fallen oil prices, decreasing interest rates and the dropping Canadian dollar.

North Okanagan overall sales statistics:
Total Units LISTED (and actively on the market) during each of the past 3 months:

October: 234
November: 191
December: 126
January: 235

Most recent month as compared to 2014: Down 20.34%

We are seeing the usual blast of new listings after the Christmas season ends, although over 20% less than we saw in January, 2014.

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

November: 120
December: 114
January: 84

Most recent month as compared to 2013: Increase of 17.53%

Total RESIDENTIAL Units SOLD (includes houses, condos and manufactured homes for sale in Vernon BC) during each of the past 3 months:

November: 99
December: 96
January: 84

Most recent month as compared to 2014: Decrease of 28.81%

Inventory – the “Competition” for Sellers and the “Choices” for Buyers:

November: 1966 listings on the market – 16.5 months of inventory
December: 1585 listings on the market – 13.9 months of inventory
January: 2653 listings on the market – 19.7 months of inventory

Year over year comparison versus January 2014: 1763 or 14.9 months of inventory. These numbers are up month over month, and year over year, again due to the uncertainty in the Canadian marketplace as a whole.

(These numbers are calculated based on the number of units currently on the market, at the rate they are currently selling)

To put this into perspective, as a ratio, 4.54% of the inventory sold in December, which still means nearly 95.46% of what is on the market did NOT sell. These numbers are a definite improvement from 2013.

Wrap Up:

Sellers: Nothing like starting 2015 with more uncertainty… Declining oil prices and the resulting job losses have a substantial effect on the entire Okanagan Valley, as our real estate market has become so dependent on the influx of Albertans. Just when we thought they were coming back … this happens! Saying that, our sales for January weren’t too bad and there still seems to be activity in the market. Much of that activity happened after the unexpected drop in the prime rate earlier in the year. This seemed to have prompted many buyers to get off the fence and commit to a home purchase. Let’s hope this continues!

If you are unsure what your home is worth or want some info on house prices in your area, please click here.

Buyers: There are still opportunities out there, and a few more popping up daily with the uncertain market. With this bonus dip in the interest rates, it is a great time to buy! If you are one of those fence sitters, now may be the time for you to move forward and join the buyers who are making the plunge into home ownership. We have seen a few more foreclosures pop up here, and there, so there are a few opportunities for those willing to take the risk and put in some sweat equity to make a distressed property their ultimate home, or maybe make some money on the side. For more info on purchasing a foreclosure, please visit our informational videos about How to Buy a Foreclosure.

If you would like to view thousands of available homes all in one place, please visit our website and save some time and frustration: Click here to View Thousands of Homes online in one place!

Vernon BC and North Okanagan Real Estate Market Update – Year End, 2014

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

North Okanagan sales for December of 2014 showed another slight improvements compared to 2013. We were happy to end off the year on a strong note!

North Okanagan overall sales statistics:
Total Units LISTED (and actively on the market) during each of the past 3 months:

October: 234
November: 191
December: 126

Most recent month as compared to 2013: Up 10.53%

Even though our inventory rose this 10.53% in December, the overall numbers for the year are down, as you will see shortly. Overall we are happy with the 2014 results as they have been the best we have see.