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Just Released! Market Update for March 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 - March 2021

Sell/Inventory Ratio: 83.77% (this is how much of what is currently on the market sold last month  - an incredible number! I have never seen this percentage this high!  Even higher than last month!  I am truly blown away)


Days to Sell:

52 (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)


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:  $590,700

Townhouse:     $402,500

Apartment:      $270,400


Waterfront Home Sales:

9 waterfront homes sold this year to date.  Compared to 0 in 2020! 

Waterfront Home Listings:

15 waterfront homes currently on the market versus 30 on the market same time last year. (These are going fast!)

North Okanagan overall statistics:

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


Jan: 214

Feb: 269 

Mar: 485 (That is a 30% increase vs 2020!)


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


Jan: 166

Feb: 244

Mar: 381 (That is a whopping 176.09% increase over 2020 - however just slightly above 2019, pls see video explanation above)


Wrap Up:


Sellers: 

With sales at an unbelievable 175% increase versus March of 2020, if you are considering listing your property, this year appears to be the optimum time to do so. 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. 


Are you eager to sell in this hot market but anxious about what to do after?  Concerned over how to come up with the mortgage needed to secure the home of your dreams?  Visit our new video series - 5 videos explaining 4 ways we can help you list your home risk-free.  Because we don't want you to have to pay two mortgages or live with family either!  Here is the link to our full 5 video series.  



Buyers

The good news is, this month saw a strong increase (30% versus 2020) in new listings at your disposal. The slightly less good news for buyers is that these homes seem to be selling quicker than they can hit the market. With 83.77% of the inventory sold in March, its clear that the demand is unprecedented. It is even more vital in a market such as this that you have an agent who will work hard to get you into the home of your dreams. Further, with interest rates coming down and down (and down) - the opportunity to buy is definitely now!


Have you been looking, writing offers and losing?  Here are our best 8 pro tips on how to win in that super competitive multiple offer scenario:  https://youtu.be/76C8sHb5BTo   Call us Anytime - we're experienced, primed and ready to go to battle!


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.  Being first in line in this competitive market is key.  



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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