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 - April 2021
Sell/Inventory Ratio: 90.31% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month - yet again an unbelievable number, and continues to increase every month!)
Days to Sell:
29 (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!)
Single Family: $617,100
North Okanagan Lakefront Sales:
Waterfront Home Sales:
20 waterfront homes sold this year to date. Compared to a mere 2 in 2020!
only 10 waterfront homes currently on the market versus 32 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:
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
April: 382 (An incredible 360% increase over 2020! However watch our video above to learn about a more "ususal" year, pre-covid)
We may seem like a broken record, but it goes without saying that this month showcased another unprecented round of numbers in the market update. What's more, these numbers are not only staying strong month after month, they are continuing to rise. As prospective or current sellers, you are in an incredibly lucrative position. With average and mean prices being driven way up and listings going under contract as soon as they hit the market, you'll likely find yourself with multiple offers and a quick sale. 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.
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.
April saw more homes join the market when compared to 2020, a solid number for you buyers to work with. Although, despite the unprecedented amount of inventory, you are still going up against many other buyers who are willing to offer high. It is essential in a market such as this that you have an agent who will work hard to get you into the home of your dreams and who has experience in negotiating in multiple offer situations. Further, with interest rates so low - 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. and "Just Add Salt", as being first in line in this competitive market is key.