North Okanagan Market Update for December 2019

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:

17.75% (this is how much of what is currently on the market sold last month)

Days to Sell:

82 (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:

$479,227 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$464,250 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

27 waterfront homes sold so far year to date.

North Okanagan overall statistics:

Total Units that were newly LISTED (and active on the market) during each of the past 3 months:

Oct: 259

Nov: 212

Dec: 119

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

Oct: 177

Nov: 119

Dec: 116

Wrap Up:

Sellers: Don’t believe the hype, the New Year can be a great time to be a seller. Winter tourism brings in skiers and snowmobilers, some of whom may be looking for their ideal home in the Okanagan Valley. But its important to make sure your property stands out among the others. Talk to your agent today for your home re-evaluation, as a small adjustment in price or selling strategy can go a long way at this crucial time of year.

Buyers: While the number of new homes entering the market has slowed, an expected change due to both the change in seasons and holiday madness, the wintertime is not the worst time to be a buyer. There is still plenty of inventory to peruse, as well as likely motivated sellers. Just remember to look beyond the snow and ice, and imagine the beauty of a summer in the Okanagan in your new home! We have also noticed quite a few new listings already entering the market, despite the weather, so be sure to keep your eyes peeled for that one that suits you.

If you’re just beginning the home buying purchase, now is the time to find an agent who understands your needs! Reach out to the Salt Fowler Team now to get on our client list and hear about new homes as soon as they come on the market!

Please feel free to Contact Us Anytime: Lisa, Gord, Glenn, Alex, Joanne, Avrill, Christie, Bryan, Laura and Ryan of the Salt Fowler Team, RE/MAX Vernon – Top RE/MAX Team in British Columbia for 2018.

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