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 - August 2021
Sell/Inventory Ratio: 56.40% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month)
Days to Sell:
33 (how many days on average it is taking to sell a home. Please note this does not include additional time on the market of any listings that expired or were canceled and then re-listed. Like last month, this number is incredibly low, and a reflection of how fast listings are selling!)
Single Family: $682,700
North Okanagan Lakefront Sales:
Waterfront Home Sales:
38 waterfront homes sold this year to date. Compared to 23 in 2020!
only 12 waterfront homes currently on the market versus 44 on the market same time last year. (These can hardly be listed before they are gone, and inventory is rapidly disappearing!)
North Okanagan Overall Statistics:
Total Units that were newly LISTED (and active on the market) during each of the past 3 months:
August: 273 (This number continues to steadily decrease, a reflection of the decline of inventory)
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
With record-breaking low inventory, this market continues to be in seller's favor. If you happen to be one of the few with a property on the market or preparing to be listed, you are in a unique position. With a lack of properties and the buyers still out there, prices are steadily climbing, and your chances of getting an offer over asking price is high. The market is still relatively hot, and the buyers are still out there. Further, with low interest rates this is your chance to capitalize on a quick sale with a price likely above what you may have anticipated.
If you're currently listed or thinking about listing your home, here is a link to our Video "Home Sales in Wildfire Season" with tips on how to sell and list during this challenging time:
There is not way to sugar coat it, this market has been tough on buyers. Competition to stiff and inventory is low, leading to an increase in prices that can be difficult to swallow. If you are lucky enough to find a home that checks your boxes, you may find yourself in a bidding war or paying over asking. Your best bet in this type of scenario is always to get the experts on your side, reach out to one of our knowledgeable agents today to get an edge on this tough market.
If you're beginning your home search and want to stay ahead of the game, check out our video "First Time Home Buyer Mistakes", with our top 7 tips for current and prospective buyers.
If you are wanting to buy, call us and we can work together to get you access to that elusive 10% of homes that are not currently on the market. One of them may just be the perfect home for you. Reach out to Salt Fowler today. and "Just Add Salt". Being first in line in this competitive market is key.
250-549-7258 or text 250-309-9586.