Vernon Market Update for March 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:

16.83% (this is how much of what is currently on the market sold last month)

Days to Sell:

69 (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:

$509,463 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$512,500 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

0 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:

Jan:  183

Feb:  231

Mar: 371

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

Jan:  98

Feb: 121

Mar: 138

Wrap Up:

Sellers: If history repeats itself, with the arrival of spring we see a dramatic increase in sales and new buyers. While this month initially did see an upswing in the numbers, they ended up a bit below the trend. The Covid-19 issue has been a huge wild card, with speculation and fear from some buyers regarding their future and the future of their stock market portfolio.  We are hoping these fears will alleviate soon, however are taking them seriously at present.  This will slow our market down substantially for the short term. However, there are still buyers out there, and those that are, are serious.  Strict measures are being taken to show homes safely.

If you are just now thinking of putting your home on the market and are nervous to have your home shown, please contact us to discuss our strategy for virtual listing and showing of your home.  This month receive a free 3-d walkthrough of your home, included with all our new listings!

Buyers: While this may feel like an uncertain time to consider buying a new home, the market is still active with new listings hitting daily. 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 are nervous about viewing homes with the Covid situation, we understand.  Should you badly want or view a home or homes, please let us know. 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

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