Please a peek at our short video explaining how the real estate market in the North Okanagan ended for 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 - December 2021 and Year End 2021
Sell/Inventory Ratio: 68.48% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month.)
Days to Sell:
33 (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.)
Single Family: $709,400
North Okanagan Lakefront Sales:
Waterfront Home Sales:
44 waterfront homes sold this year to date.
There are only 8 waterfront homes currently on the market versus 20 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:
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
As 2021 came to a close last month, those of us monitoring the real estate market saw one of the more average months that we have seen in nearly the past two years. With new listings at just under one percent higher than in 2020, and sales over 17 percent lower, December 2021 was fairly unremarkable. However, one must keep in mind that we are looking at December statistics, a typically very stagnant and low period for the market. So, as we enter into our third year of this unprecedented time in real estate market history, it remains very possible that we will see these numbers creep back up with rising temperatures. If you are considering listing your property, it might be wise to get ahead of the game. Further, with low interest rates, this is your chance to capitalize on a quick sale with a price likely above what you may have anticipated.
If you're interested in learning why price per square foot means not very much when selling your home, please watch our video below entitled: "Why Price Per Square Foot for House Pricing Means Nothing"
December has never been as easy time to be a buyer. With typically low inventory, the weather, and holiday schedules to work around, it can feel impossible. With low numbers of new listings, December 2021 was no exception. However, as we enter into a new year, the possibilities are endless and your best bet is always to get the experts on your side, so reach out to one of our knowledgeable agents today to get an edge on this tough market.
If you're house shopping or considering starting, and trying to narrow down your area of search in the Okanagan, check out our new video "Is it Better to Live in Vernon or Kelowna?"
It’s winter, but let’s start thinking about summer! Here is our feature listing of the month at the fabulous Outback for only $799,900, a Ridge Home with a view that won’t quit, and access to all the many resort amenities. View our listing video for #143 9845 Eastside Road here:
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.
Call 250-549-7258, Text 250-309-9586 or email firstname.lastname@example.org.