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: 22.89% (this is how much of what is currently on the market sold last month)
Days to Sell:
72 (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:
$563,028 (averages can be skewed by a few really high, or really low $$ sales)
Median Sale Price:
$529,750 (the exact middle sale price of every residential property sold last month)
Waterfront Home Sales:
10 waterfront homes sold so far year to date. Very healthy waterfront numbers.
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:
June: 240 (up 18.81% from 2019)
Although many industries are still feeling the effects of Covid-19, the real estate industry has recovered very well. As can be seen from the numbers above, 240 sales versus 202 in 2019, is a healthy recovery, increasing by over 18% year over year. As for supply, last year 411 properties were listed in June as compared to only 362 this year. Year to date, we are down 15.74% in listing inventory. Supply is down and demand is up, meaning there will be some pressure on prices if something does not change.
Sellers: The market seems to have leveled out since the initial dramatic ups and downs we saw in the beginning of the pandemic, however some parts are doing better than others. For example, this month continued to show a solid increase in waterfront home sales and offers, while new listings in general were lower than expected. This creates a very unique atmosphere for sellers, as the decreased inventory on the market means decreased competition and possibly multiple offers. If you are considering listing, now may be the right time as Buyers are showing up to buy. Saying that, there is still the unknown resulting from job losses and potential foreclosures, there may be downward pressure on pricing in the longer term if bank and other distress sales result in 6 months to a year.
Strict measures are still being taken to show homes safely including an abundance of paperwork! Please contact us to discuss our strategy for virtually listing and showing your home.
Buyers: As expected, home buying in the time of a pandemic is as unpredictable as it is unprecedented. Numerous new properties are hitting the market daily, yet the inventory is not as high as usual. On the flip side, sales increased healthily this month, possibly signaling future multiple offers and bidding wars. If there is a home that you are serious about, we recommend acting quickly and seriously.
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
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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.