Monthly Vernon Real Estate Market Update – October 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:   

35.81%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

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

Avg. Sale Price:  

$482,400 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$432,500 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

15 waterfront home sold (compared to 32 last year)

North Okanagan overall statistics:

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

Aug:          385

Sep:          290

Oct:           221

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

Aug:      257

Sep:      214

Oct:       225

Wrap Up:

Sellers:  Total sales for October were down year over year just over 7%.  What is interesting and significant is that residential single family home sales were down nearly 18%.  Sales are still strong for sellers and we believe that most of this decrease in sales in due to a lack of choice for buyers.  Many buyers still can’t find what they want to buy, so they are sitting on the fence.  Many sellers are also taking their homes off the market at this time because they don’t wish to sell and potentially move in the winter.  Our suggestion is – don’t do this!  There are so many buyers out there looking to buy, and taking your home off the market means you will have a zero percent chance of selling.  Not only that, but you have a great chance to sell around the holidays!  Those buyers that are out there looking in the dead of winter – they are serious buyers!  Also, most buyers don’t wish to move in the middle of winter either – you can always negotiate a longer closing to suit everyone.

For more information on ways to maximize your home selling potential in the winter, please see our Castanet article here.  

Waterfront sales are still running at less than half of 2016, which is where we expect to end our year.

Your home may be worth more than you think.  Click here to find out how much more. 

Buyers:  There are still deals out there!  You just need to look harder and have a professional or even better, professionalS, looking on your behalf. Please keep in mind that mortgage rules are changing now as well for those who have over 20% as a downpayment (call us for details) which is going to create some big changes come January 1, 2018 (or sooner).  Once again, if you are worried about these new changes affecting your ability to purchase,  then there is no time like the present to make a purchase, prior to these new regulations coming into play

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, with our unique Buyer Profile System – explore your opportunities 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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