Just Released! Vernon Real Estate Market Update for February 2021

Just Released! Vernon Real Estate Market Update for February 2021

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 - February 2021

Sell/Inventory Ratio: 63.58% (this is how much of what is currently on the market sold last month  - an incredible number! I have never seen this percentage this high in my 28 years of real estate.  I am truly blown away)

Days to Sell:

51 (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:

$643,870 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$565,000 (the exact middle sale price of every residential property sold last month)

New Stat!  Benchmark Price (the value of a dwelling with "typical attributes" - this number is more indicative of pricing and trends, and in future we will only look at this number during this report):

Single Family:  $561,500

Townhouse:     $390,000

Apartment:      $262,900

Waterfront Home Sales:

5 waterfront homes sold this year to date.  Compared to 0 in 2020! 

Waterfront Home Listings:

19 waterfront homes currently on the market versus 27 on the market same time last year.

North Okanagan overall statistics:

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

December: 118

January: 214

February: 269 

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

December: 193

January: 166

February: 244 (That is a whopping 101.65% increase over 2020!)

Wrap Up:

Sellers: Unprecedented. Exceptional. Incredible. Those are all words we use to try to explain the market as we are seeing it today, truly a remarkable time in the industry. We are getting to the point where there are truly not enough properties to match the demand, which puts sellers in a very good position. With sales at an over 100% increase versus last February of last year, if you are considering listing your property, this year appears to be the ideal time to do so. Speak to one of our knowledgeable agents today to get your home market-ready. Further, with low-interest rates and a shortage of inventory, this is your chance to capitalize on a quick sale with a price likely above what you may have anticipated. 

Are you nervous to sell because you can't find what you want to buy?  Scared you may have to own two houses and have two mortgages?  Visit our new video series (overview video is at the bottom of this email) - 4 videos explaining 4 ways we can help you list your home risk-free.  Because we don't want you to have to pay two mortgages or live with family either!  Here is the link to our full 5 video series.  

Lastly, please note strict measures are still being taken to show homes safely. Please email or call 250-549-7258 to discuss our strategy for virtually listing and showing your home. 

Buyers: There's no pretty way to put it, with the market as is, buyers do not have the upper hand. Inventory is struggling to keep up with the ever-increasing demand, even while new listings are coming on every day (still a 16.45% increase over 2021 and we cannot keep up as 63.5% of the homes on the market are selling). It is even more vital in a market such as this that you have an agent who will work hard to get you into the home of your dreams. Further, with interest rates coming down and down (and down) - the opportunity to buy is definitely now!

If you are wanting to buy, call us and we can work together to get you access to that elusive 10% of homes that are not currently on the market.  One of them may just be the perfect home for you.  Reach out to Salt Fowler today.  Being first in line in this competitive market is key.  

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, Christie, Bryan, Laura, Ryan and Harry of RE/MAX Vernon Salt Fowler.  We're always open.  

P.S.  Click here for a link to our Video series on "Increasing the Value of Your Home in 28 Days"


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