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:
14.81% (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:
$522,585 (averages can be skewed by a few really high, or really low $$ sales)
Median Sale Price:
$460,000 (the exact middle sale price of every residential property sold last month)
Waterfront Home Sales:
17 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: The number of new listings on the market this year over last increased by over 17%. So far in 2018, inventory has increased for 6 months out of 9, and sales have decreased 8 months out of 9. We are clearly in a more balanced real estate market, which is a drastic change for many sellers (and realtors!) versus the past 3 years of extreme seller’s market.
One thing we know is that balanced markets are not sustainable. Usually a balanced market only lasts for a few months and then tips in to a full fledged buyer’s market.
For all sellers currently on the market or looking to sell, be wary of a changing market.
Buyers: The number of homes on the market has now increased for 8 months in a row. More homes on the market means more competition, more homes for you as a Buyer to view, and a bit of a reprieve to what was starting to feel like runaway pricing. The market has started to cool ever so slightly, especially in the more expensive price ranges.
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, Avrill, Christie and Bryan of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.