Just Released! Market Update for December 2020

Just Released! Market Update for December 2020

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 - Dec 2020 & Year to Date:

Sell/Inventory Ratio: 51.52% (this is how much of what is currently on the market sold last month in December - wow, this is a HUGE number)

Days to Sell:

84 (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 cancelled and then re-listed)

Avg. Sale Price:

$651,430 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$584,000 (the exact middle sale price of every residential property sold last month)

New Stat!  Benchmark Price (the value of a dwelling with "typical attributes" - this number is more indicative of pricing and trends, and in future we will only look at this number during this report):

Single Family:  $535,600

Townhouse: $375,100

Apartment: $252,300

Waterfront Home Sales:

41 waterfront homes sold this year to date.  Continually strong waterfront numbers!  As opposed to 27 in 2019.

Waterfront Home Listings:

20 waterfront homes currently on the market versus 28 on the market same time last year, a definite decline after the strong sales year (as evidenced above).

North Okanagan overall statistics:

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

October: 302

November: 194

December: 118

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

October: 297

November: 216

December: 193

Wrap Up:

Sellers: This unforgettable year wrapped up as incredibly as expected. With 2,121 total residential sales for 2020, and sales in December up over 66% when compared to 2019, (!!) its clear that this year ended as unpredictably as it began. Further, If you did not have the opportunity to list your home in 2020, we hope that this coming year will be equally lucrative and look forward to discussing the prospect of isting your property.  With low interest rates and a shortage of inventory, this is your chance to capitallize on a quick sale with a price likely above what you may have anticipated. 

Further, strict measures are still being taken to show homes safely. Please contact us to discuss our strategy for virtually listing and showing your home. 

Buyers: While we didn't see an incredible amount of new listings hit the market in the month of December, there is still a healthy inventory available.  The difficult part is they are selling fast, and many with multiple offers.  If there is a property you have had your eye on, the new year is the ideal time to make a competitive offer - don't delay! Further, with interest rates coming down and down (and down) - the opportunity to buy is definitely nowl If you are in a position to move forward, call us and we can help make your home buying dreams come true.

If you’re just beginning the home buying purchase, now is the time to find an agent who understands your needs and start the process of educating yourself on the market. Reach out to Salt Fowler now to get on our client list and hear about new homes as soon as  (or before) they come on the market!  Being first in line in this competitve market is key.

If you are nervous about viewing homes with the Covid situation, do not worry  - we can help you with a contactless viewing!

Please feel free to Contact Us Anytime: Lisa, Gord, Glenn, Alex, Joanne, Christie, Bryan, Laura, Ryan and Harry of RE/MAX Vernon Salt Fowler.  We're always open.  


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