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:
17.57% (this is how much of what is currently on the market sold last month)
Days to Sell:
82 (how many days on average it is taking to sell a home)
Avg. Sale Price:
$487,022 (averages can be skewed by a few really high, or really low $$ sales)
Median Sale Price:
$454,950 (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:
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
Sellers: For the 8th month in a row, sales have continued to decline. This month by 6.37%, a trend that supports the idea that market is in fact changing. The proof is in the numbers. If your home is currently listed, and you haven’t received any offers, or your showings have declined, this could be a sign that your home is overpriced for this market. Properties that are priced above the current market value will likely sit until the next cycle, losing value and likely getting lost in the shuffle of abundant homes on the market. However, all is not lost! This is the perfect opportunity to have a discussion with your listing agent, and if necessary take recommendations on how to remedy.
Inventory of homes on the market has also now increased to 1312 versus 1178 last year. This gap is about the same as last month, however the number of new listings has decreased by 8.02% since October. This could simply be a seasonal change, or perhaps an indication that this change in the market is causing sellers to hold off on listing until a better time of year or until the market swings back in their favor.
Buyers: As stated above, the number of new homes on the market has decreased slightly since October, but not enough to affect you as buyers. This continues to be a market in your favor, with an abundance of inventory and many sellers desperate to sell.
However…. (and isn’t there always a “however”?) interest rates are now slowly, but surely, on the rise. Waiting to see if the price of your dream house may reduce may not be the right play, if interest rates increase in the meantime. By paying the increase in the interest rates could very well mean that in the long run you end up ultimately paying more for your home. A small increase in rates equals a large increase in the amount spent over the life of your mortgage. That is an important analysis to make before making the decision to fence sit.
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.
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.