Just Released! Market Update for January 2021

Just Released! Market Update for January 2021

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 - January 2021

Sell/Inventory Ratio: 32.02% (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:

58 (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:

$635,153 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$575,000 (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:  $541,900

Townhouse:     $386,900

Apartment:      $255,900

Waterfront Home Sales:

3 waterfront homes sold this year to date.  What a great start!

Waterfront Home Listings:

18 waterfront homes currently on the market versus 24 on the market same time last year.

North Okanagan overall statistics:

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

November: 194

December: 118

January: 214

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

November: 216

December: 193

January: 166

Wrap Up:

Sellers: What a great start to what we anticipate will be another tremendous year in the industry. With sales for the year already up over 71% in comparison to January 2020, its clear that we are in for another full year of unprecedented numbers. If you are considering listing your property, this year could be the ideal time to do so. Speak to one of our knowledgable agents today to get your home market ready. Further, 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. 

Lastly, 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: We are only one month into 2021, and new listings for January were already up nearly 17% when compared to this time in 2020. Sellers are catching on that this is the best time to list, however the competition with fellow buyers is still very strong. If there is a property you see on the market and love, we advise you to speak to one of our agents (if you haven't already done so) and prepare to go in aggressively. However, don't despair prospective buyers! The inventory for this year is going to be tight, however with our expertise we can get you into the home of your dreams. 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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