Monthly Market Update for March 2019

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:   

16.80%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

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

Avg. Sale Price:  

$546,022 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$463,000 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

6 waterfront homes sold year to date (equal to 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:

Jan:    245

Feb:   265

Mar:  347

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

Jan:     105

Feb:    121

Mar:   157

Wrap Up:

Sellers:  Spring has sprung, and like clockwork this month brought on a significant increase in inventory. This time of year is hot for the real estate market, so while you should expect to see more buyers looking, you will also have increased competition if your home is on the market. The spring is also great time to reevaluate your listing price and selling strategy with your listing agent, especially if your home has been on the market for a while.

Buyers: Inventory of homes on the market has continued to increase this month. For buyers, this means more choices of homes on the market at their fingertips. However, as the temperatures rise, so do the amount of buyers looking for homes. So, if there is a home that catches your attention, don’t wait long to put in an offer or you could end up in a bidding war!

Also note rumours regarding a decline in interest rates are on the horizon – another great sign for buyers!

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, 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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