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:
15.25% (this is how much of what is currently on the market sold last month)
Days to Sell:
57 (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:
$504,044 (averages can be skewed by a few really high, or really low $$ sales)
Median Sale Price:
$482,500 (the exact middle sale price of every residential property sold last month)
Waterfront Home Sales:
5 waterfront homes sold so far year to date. Salt Fowler is proud to be a part of 4 out of those 5.
North Okanagan overall statistics:
Total Units that were newly LISTED (and active on the market) during each of the past 3 months:
May: 367 (down 24.17% from 2019)
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
May: 147 (down 27.59% from 2019)
There is no question that the global pandemic created havoc in most industries, and this of course includes real estate. The recovery however has been surprisingly swift in the North Okanagan. In fact, we are faring better in many ways that the Central and Shuswap whose sales are down 42% and 47% respectively. As the current recession resulted from purposefully halting the economy for the greater good rather than based on economic factors, we are expecting recovery to continue to be steady and healthy in our industry, albeit shaky for a while.
Sellers: With cautious optimism, we appear to be finding ourselves on the recovery end of this pandemic - at least as it relates to the real estate market. This month saw a significant increase in both new listings entering the market as well as sales, a rebound which we believe forecasts an ever-increasing sense of confidence in buyers.
With the newly-established guidelines in place for safely and securely showing homes, we believe that the market will only continue to trend upwards. If your home is still on the market, do not fear. We are advertising and promoting as usual, and requests for showings are increasing daily.
If you are considering listing, now may be the right time as Buyers are showing up to buy. And with less inventory on the market, there is a shortage of homes for sale in many price ranges. We are seeing multiple offers in some cases even! There has been a real increase in offers on lakefront homes, which is a welcome surprise. Saying that, depending on the repercussions that results from job losses and potential foreclosures, there may be downward pressure on pricing if bank and other distress sales result in 6 months to a year. If you are wanting to sell, waiting for a further improvement may not be a safe bet.
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. This month we are still offering free 3-d walkthroughs of your home, included with all our new listings! Here is an example of what a 3-D walk through looks like: https://rem.ax/2MBIPng
Buyers: Now is a very unique time to be a buyer. This month saw a significant increase in newly-listed properties, which is always good news for prospective home owners. Additionally, many sellers are eager to unload properties that they had planned to sell earlier in the spring, so now could be an opportune time to place a competitive offer.
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 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.