Monthly Market Update for December 2018

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:   

18.25%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

94 (how many days on average it is taking to sell a home)

Avg. Sale Price:  

$477,904 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$442,000 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

20 waterfront home sold year to date (versus 15 last year, same time period)

North Okanagan overall statistics:

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

Oct:    259

Nov:   218

Dec:   121

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

Oct:     186

Nov:    147

Dec:    111

Wrap Up:

Sellers:  Following the current trend, sales have continued to decline in December (this month by -9.02%) A descent is common for the holiday season, however if your home is currently listed, and you haven’t received any offers or recent showings, this could be a sign that your home is potentially overpriced for this market. If you choose to list your property at market value, your chances of an early 2019 closing are much greater!

Buyers:  This market is starting to be one in your favour, with an abundance of properties on the market for your choosing. This time of year can be a quiet one for the real estate market, which could play in your favour should you decide to make a reasonable offer towards a property you have your eyes on. One important factor to consider – waiting for a reduction in the asking price of home of your dreams may backfire with interest rates continuing to rise in the new year.

Although the Government has intervened numerous times in an attempt to slow down the real estate prices skyrocketing in the major centres, we aren’t expecting any immediate drastic price drops in our local market.  We are still experiencing a lot of in-migration to our fair city, which is helping our local market while others considerably decline.

If you would like to get access to MLS listings 24/7 on your own time, click here to get brand new listings in your inbox every morning!

Please feel free to Contact Us Anytime:  Lisa, Gord, Glenn, Alex, Joanne, Greg, Avrill, Christie and Bryan of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

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