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Just Released! Market Update for May 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 - May 2021

Sell/Inventory Ratio: 69.07% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month - while slightly below March and April's numbers, still a VERY strong stat!)


Days to Sell:

25 (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:  $641,100

Townhouse:     $424,400

Apartment:      $285,400

North Okanagan Lakefront Sales:

Waterfront Home Sales:

29 waterfront homes sold this year to date.  Compared to 5 in 2020!

Waterfront Home Listings:

only 8 waterfront homes currently on the market versus 40 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:


Mar: 485

April: 464 

May: 369


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


Mar: 381

April: 382 

May: 315


Wrap Up:


Sellers: 

Numbers can be deceiving, and this month is the perfect example. Although our total sales number decreased from April to May, this decrease was very slight and likely only a symptom of a decrease in inventory. Our days to sell number continues to decrease as well, which shows us that most homes continue to be under contract in a matter of days. The truth of the matter is, we are still in a Seller's Market, perhaps a slightly less hectic one, but a seller's market nonetheless. 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 wanting to sell but not sure the best way to hire a Realtor, here is a link to our Video "How to Choose a Real Estate Agent When Selling Your Vernon BC Home - Before You Even Pick Up the Phone".



Buyers:

If you're a prospective buyer in this market, and you haven't yet found a home that works for you (or a seller that will accept your offer), you are likely feeling very frustrated. With inventory continuing to decrease, the pickings are slim and the competition is fierce. If you haven't already, reach out to one of our knowledgeable agents about how to get an edge in this market. 


If you're a First Time Buyer and not sure where to start, watch our Video:  "First Time Home Buyer Downpayment Programs - 8 Creative Ways to Save for Your First Vernon Home" here:



If it's a lakefront vacation home you're looking for, watch our 3 video playlist here telling you everything you need to know (and more!) about buying or building on Okanagan Lakefront:




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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