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:
18.6% (this is how much of what is currently on the market sold last month)
Days to Sell:
62 (how many days on average it is taking to sell a home)
Avg. Sale Price:
$483,666 (averages can be skewed by a few really high, or really low $$ sales)
Median Sale Price:
$435,000 (the exact middle sale price of every residential property sold last month)
Waterfront Home Sales:
15 waterfront home sold year to date (versus 13 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: Yet another month that sales have declined – this month by another 12.53%. That is 7 months in a row. As we have been reporting in the past 6+ months – this market is changing. The proof is in the numbers. You are of course welcome to price your home at whatever you wish – however the statistics are not reflecting that properties are continuing to sell at any price as they (almost) have been the last few years. Those days are gone my friends, at least for the time being. Those who overprice will now sit, likely for the next cycle, rather than selling when the market catches up. Those who need to sell and who still overprice, will likely end up chasing the market down and sadly netting less money in their pockets than if they had priced it right the first time. In a declining market, that is a very dangerous strategy.
If you currently have your home listed and you are noticing that interest is declining, and/or you aren’t receiving any second showings or offers – that is a very loud signal that your house price is now out of the market.
In my 25 years working in the real estate business I have witnessed 3 upturns and 2 downturns. The patterns are generally always the same. However, the sky is not falling! It just means that you, as a Seller, need to be a little sharper on your pencil and a bit more open to recommendations given for marketing your home.
Inventory of homes on the market has also now increased to 1606 versus 1468 last year. This gap is about the same as last month. For sellers, this means more competition for your home in today’s market, especially for higher end homes.
Buyers: The number of homes on the market has now increased for 7 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.
And once again, as anyone who has sought to buy or sell during the last few months has no doubt learned – the new real estate rules in BC are onerous and somewhat confusing. Once again, here is my repetitive public service announcement: Are you finding these new Real Estate Rules Confusing? Are you annoyed with all the forms? Are you against all the forests that are going to be eliminated with this excessive use of paper?
The only way to make a change to these new rules is for the public to speak up. If you want the choice of being able to speak freely with a Realtor and receive more than just “how many bedrooms” and “how many bathrooms” a home has without being bogged down in paperwork first – please take a moment and contact MLA: Hon. Carole James Minister of Finance carole.james.MLA@leg.bc.ca and Michael Noseworthy: The Superintendent of Real Estate: email@example.com with your thoughts.
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.