Monthly Vernon Real Estate Market Update for November 2017

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:   

31.34%  (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)

Avg. Sale Price:  

$458.=,805 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$429,500 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

Still 15 waterfront home sold year to date (compared to 33 last year)

North Okanagan overall statistics:

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

Sep:          290

Oct:           221

Nov:          236

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

Sep:      214

Oct:       225

Nov:      159

Wrap Up:

Sellers:  Total sales for November were down again year over year – 159 sales in November of this year versus 171 during the same time period in 2016.  Although a bit more competition entered the market this month (an increase of nearly 12%), the total number of properties on the market are still down by over 9%. We are still seeing homes withdrawn from the market as is usual this time of year (we don’t advise this to our sellers), which is helpful for those homes that are still on the market for the duration of the winter months as there is less competition and still lots of demand for homes.  The market experienced a short few week lull in November, however picked right up by month end and continues into the first part of December.  The lack of snow helps!

We wrote this article a while back regarding selling over the holidays – hope you enjoy by reading here.

If you would like a complimentary evaluation of your home’s value, now may be the time!  Click here to sing up for your personalized free home evaluation.

Buyers:  The new mortgage rules are coming into play January 1.  However, if you have a preapproval in place prior to January 1, the lenders are generally choosing to honour there for up to 120 days.  If you are considering a purchase, ensure you get your preapproval in place now before year end!  Call us and we will hook you up with a mortgage professional who will ensure you receive the best mortgage at the best rates with the least amount of stress.

For more information on the new mortgage rules, please see our Castanet article here.  

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, Christie and Brodie of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

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