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Just Released! Real Estate Market Update for November 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 - November 2021

Sell/Inventory Ratio: 86.51% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month- a HUGE number for November!)


Days to Sell:

40 (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:

Single Family:  $703,500

Townhouse:     $452,200

Apartment:      $312,900

North Okanagan Lakefront Sales:

Waterfront Home Sales:

43 waterfront homes sold this year to date.  

Waterfront Home Listings:

There are only 10 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:


September: 287

October: 328

November: 222 (This number is higher than usual for November!)


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


September: 196

October: 222

November: 229


Wrap Up:


Sellers: 

What a great time to be a property owner looking to sell. Typically, the dropping of temperatures in late fall/early winter would bring with them a slowing of sales and inventory. And while the latter may be true, the buyers are still out there aggressively putting in offers! This month boasted an astonishing sell/inventory rate of almost 87%, meaning that buyers are snatching up nearly every listing that goes to market. Without a doubt, we are looking at a very strong market as we close this year. 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 currently listed or thinking about listing your home and considering the idea of allowing the buyer to move in before closing, here is a link to our Video "Buyer Possession Before Closing."



Buyers:

While it may feel like an endless battle being a buyer out there in this market, don't be discouraged. This month showed another small increase (6.51%) in new listings over this month last year, so the property of your dreams may still be out there waiting to hit the market. However, if you have yet to find that perfect property, 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, check out our video "Best Neighbourhoods in Vernon BC: Turtle Mountain", to learn about a great area in our community!




Featured Listing of the Month!  3878 Parri Road - A Fabulous Waterfront Paradise!  View our listing video 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.  


250-549-7258 or text 250-309-9586.

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