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Just Released! Market Update for June 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 - June 2021

Sell/Inventory Ratio: 69.47% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month)


Days to Sell:

37 (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. However, this number is incredibly low, and a reflection of how fast listings are selling!)


Benchmark Price:

Single Family:  $660,500

Townhouse:     $430,000

Apartment:      $287,900

North Okanagan Lakefront Sales:

Waterfront Home Sales:

30 waterfront homes sold this year to date.  Compared to 10 in 2020!

Waterfront Home Listings:

only 14 waterfront homes currently on the market versus 41 on the market same time last year. (These can hardly be listed before they are gone!)

North Okanagan Overall Statistics:

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


April: 464 

May: 369

June: 364


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


April: 382 

May: 315

June: 278


Wrap Up:


Sellers: 

The good news continues. While it may not be one for the record books, this month was very much on par with the average June, if not slightly above. We continue to be in a strong seller's market, with units sold continuing to be just over the number reported for June 2020. If you're just getting started, speak to one of our knowledgeable agents today to get your home market-ready. Further, with low interest rates and a shortage of inventory, 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 Staging Before and After: 8 Tips for Staging The Interior"



Buyers:

This year has been a difficult one for prospective buyers, and if you have yet to find your dream home in this difficult market, the odds could be returning in your favor. The stats for newly listed properties continued to be strong for June, which in combination with more reasonable sales could mean your chances are better. If you haven't already, reach out to one of our knowledgeable agents about how to get an edge in this market. 


If you are searching for a home, but struggling to have an offer accepted in this tough market, here is a link to our video: "Multiple Offers on a House II: 5 More Tips on How to Win"



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.

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