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:
24.48% (this is how much of what is currently on the market sold last month)
Days to Sell:
53 (how many days on average it is taking to sell a home) – WAY down from last month.
Avg. Sale Price:
$478,874 (averages can be skewed by a few really high, or really low $$ sales)
Median Sale Price:
$442,500 (the exact middle sale price of every residential property sold last month)
Waterfront Home Sales:
3 waterfront home sold year to date (compared to 1 last year in Jan-Mar 2017)
North Okanagan overall statistics:
Total Units that were newly LISTED (and active on the market) during each of the past 3 months:
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
Sellers: There was a very slight increase in units for sale in March over 2017, a bit over 3%. Not too much different year over year. Sales on the other hand were down nearly 21% year over year. Why? Is the sky falling? We doubt it. We are still seeing many multiple offers and quick sales. Buyers however are scrambling to compete over properties in the most popular price ranges, and new product is largely being listed in the outlying price ranges where there is still a fair bit of competition. Total inventory right now is 1135 units this year, versus 1326 last year. That extra few hundred units makes a huge difference.
In March we saw the BC Government reduce the speculation tax numbers slightly, which although a step in the right direction, is not being accepted very well. What this means now is that anyone who does not pay taxes in British Columbia (i.e. anyone from another Province, let alone another country) will pay an additional .5% of assessed value on their property taxes in 2018 and an additional 1% in 2019 and beyond. We continue to encourage as many people to fight this speculation tax and join the movement of those who believe that more affordable housing in the Province should not come as a directly result of piling on more and more taxes. The feedback we are currently receiving from those in our neighbouring province is extremely negative, and will ultimately affect the entire Okanagan real estate market, not only the immediately affected areas of Kelowna and West Kelowna.
Sign the Petition to Stop the BC Speculation Tax Here
Write your MLA here in just a few clicks, to fight the BC Speculation Tax
Buyers: A few more houses entered the market in March for a total inventory of 1135 units versus a few over 1000 last month. Homes in the popular and hard to find price ranges are selling very quickly and the market is in a bit of a frenzy. The best advice we can give, once again, is if you see the perfect home – do not delay. Ensure you have all your ducks in a row in advance – your downpayment, your financing, and your ultimate buying plan. Sitting down with one our buyer specialists will save you time and money in your buying process as we will ensure your are prepared and ready to strategically enter this market. Ensuring you are an educated buyer is your best opportunity to find the best home at the best price. Call us today to get on our client list to be informed of those hot new listings the fastest! Beat other buyers to those new listings before other Realtors even hear about them. The best defence is a great offence!
We can help get you to the newest listings first, often before other Realtors or the public hear about them with our unique Buyer Profile System – sign up to View Thousands of Homes right here!
Please feel free to Contact Us Anytime: Lisa, Gord, Glenn, Alex, Joanne, Greg, Avrill and Christie of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.