Vernon Market Update for April 2020

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:

9.83% (this is how much of what is currently on the market sold last month)

Days to Sell:

105 (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:

$509,083 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$481,500 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

2 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:

Feb:  231

Mar: 372

Apr:  222 (down 49.89% from 2019)

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

Feb: 121

Mar: 138

Apr:  83 (down 60.1% from 2019)

Wrap Up:

Sellers: The numbers don't lie, and not-surprisingly the market is not where it normally is during what is typically the busiest time of the year.  The market went dark for the first 5-6 weeks of the shutdown,  however in the past 8-10 days it has rebounded surprisingly quickly. 

There is no roadmap to follow in this unprecedented time, and the unknowns can make selling your home or property a struggle. Please, if you have your home on the market, bear with us.  The marketing of your home has not missed a beat, and we have kept our advertising going even when no one was looking or listening.  Now they are dong both, and we are there.

If you are considering listing, now may be the right time as Buyers are slowly but surely showing up to buy.  There has been a real increase in offers on lakefront homes, which is a welcome surprise.  

Strict measures are still being taken to show homes safely including an abundance of paperwork!  Please contact us to discuss our strategy for virtual listing and showing your home.  This month we are still offering free 3-d walkthroughs of your home, included with all our new listings!

Buyers:  While there may not have been as many new properties hitting the market as usual for this season, there is still a solid inventory out there for buyers. As we learn to adapt to our new normal, sellers are getting more comfortable listing their homes, and now could be an opportune time to purchase, likely without 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!

If you missed our Webinar about "Renting versus Buying", here is a link to the recap.  

If you are nervous about viewing homes with the Covid situation, do not worry  - we can help you with a contactless viewing!

Please check out the rest of our brand new website, not just this Blog post :)  We launched just today!!  Any feedback, we would sure be happy to hear your thoughts.

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 still open.  

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