Vernon and Area Market Update for July 2018

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:   

20.04%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

52 (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: 

11 waterfront home sold year to date (versus 9 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:

May:     489

Jun:      489

Jul:       385

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

May:     237

Jun:      204

Jul:       218

Wrap Up:

Sellers:  The market continues to soften. This is now the 6th month in a row where the volume of sales has declined.  We are moving towards a balance market. One thing all sellers should know is that balanced markets never last for long – they quickly switch into buyer’s markets…

Inventory of homes on the market has also now increased to 1610 versus 1468 last year.  The gap is starting to widen. For sellers, this means more competition for your home in today’s market – especially for higher end homes.

As discussed last month, the new real estate rules are still a serious learning curve and we encourage the public to please be heard.

Here is a link to our article on the first, and most widely used, new form that complies with the new BC Real Estate Rules.

Buyers:  Now inventory of homes on the market has increased 6 months in a row.  With more inventory on the market, you should see more choices in homes (again, especially in the more expensive price ranges) and hopefully fewer multiple offers.

Here is a link to our article on being an Unrepresented Party, a solution to buying a home from the name on the sign under the new real estate rules (something buyers may be faced with more often than they think).

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?

Me Too.

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 and Michael Noseworthy: The Superintendent of Real Estate: with your thoughts.

If you would like to get access to MLS listings 24/7 on your own time, click here to get brand new listings in your inbox every morning!

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.

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