Just Released! Market Update for November 2020

Just Released! Market Update for November 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:

Sell/Inventory Ratio: 42.73% (this is how much of what is currently on the market sold last month)

Days to Sell:

77 (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:

$605,708 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$572,500 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

39 waterfront homes sold so far year to date.  Continually strong waterfront numbers!  As opposed to 22 in 2019.

North Okanagan overall statistics:

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

September: 358

October: 302

November: 194

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

September: 311

October: 297

November: 216

Wrap Up:

Sellers: While the impending arrival of the winter season commonly brings about a slowdown in both new listing and sales, the unprecented effect of the COVID pandemic on the market continues to surprise us. With sales up nearly 84% in comparison to 2019, it is clear that now is a wonderful time to be a seller. If you have beeb thinking about listing your home, we urge you to do so soon as inventory is decreasing and we cannot promise how long this trend will last. 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 November, there is still a solid inventory out there for sellers. If there is a property you have had your eye on, now may be the time to make a competitive offer. Further, with interest rates coming down and down - the opportunity to make an offer is definitely now - if you are in a position to move forward.

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 they come on the market!

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, Avrill, Christie, Bryan, Laura and Ryan of RE/MAX Vernon Salt Fowler.  We're always open.  


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