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: 32.74% (this is how much of what is currently on the market sold last month)
Days to Sell:
81 (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:
$594,644 (averages can be skewed by a few really high, or really low $$ sales)
Median Sale Price:
$525,750 (the exact middle sale price of every residential property sold last month)
Waterfront Home Sales:
16 waterfront homes sold so far year to date. Very healthy waterfront numbers! As opposed to 17 in 2019 (pre-pandemic)
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:
July: 294 (up 22.50% from 2019)
Sellers: Your patience has paid off! As sellers, the market is trending solidly in your favour. Statistics for the month of July showed strong movement upwards in sales for both waterfront and residential listings. With 294 total sales in the month, we are seeing both a solid increase in comparison to June 2019 (240 listings) and to July 2019 (22.5% increase). However, we are also seeing an increase in total listings (408 - up 17.92% versus 2019), so now may be the time to list while sellers are showing up and before the competition becomes too stiff. 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: We are noticing an increase in both sales and new listings monthly, however the latter doesnt seem to be increasing quite as rapidly. As buyers, more and more inventory is coming on the market daily, yet your competition is aggressive. If you find the home of your dreams, now may be the time to make an offer before you find yourself in a bidding war. Further, with interest rates coming down and down - the opportunity 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. After all, we all have lots of time to do so! 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!
Once again, if you missed our last two webinars, we have replays here at SaltFowlerWebinars.com
~ Is It Better to Buy or Rent?
~ Become a Real Estate Investor
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.