Vernon Market Update for February 2020

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:

16.47% (this is how much of what is currently on the market sold last month)

Days to Sell:

80 (how many days on average it is taking to sell a home. Please note this does not include additional time on the market of any listings that expired or were cancelled and then re-listed)

Avg. Sale Price:

$519,583 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$475,000 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales:

0 waterfront homes sold so far year to date.

North Okanagan overall statistics:

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

Dec: 119

Jan:  183

Feb:  231

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

Dec: 116

Jan:  98

Feb: 121

Wrap Up:

Sellers: The temperatures are rising, and so are the sales. Spring is on its way, which is the best sort of news for the real estate market. This month saw a healthy increase in listing sales, which suggests that buyers are waking from their hibernation. Further, we are seeing a decrease in the amount of time a listing is on the market. However, along with more sales often comes more listings, and this month was no exception. Now is the time to secure a buyer before the competition becomes too stiff. A minor tweak in your selling strategy may help you to do so, give your agent a call today to discuss!  The Covid-19 issue has been a bit of a wild card, with speculation and fear from some buyers regarding their future and the future of their stock market portfolio.  We are hoping these fears will alleviate soon, however are taking them seriously at present.  This may slow our market down substantially for the short term.

Buyers: Can you hear that? It’s the sweet sound of new listings hitting the market as we speak. The beginning of spring is a fantastic time to be a buyer, and the solid increase in new properties we saw enter the market this month is on trend with that fact. However, you may need to act fast when that perfect home is listed, as we are seeing multiple offers. With interest rates coming down and down – the opportunity is now!  If you’re just beginning the home buying purchase, now is the time to find an agent who understands your needs.  Reach out to Salt Fowler now to get on our client list and hear about new homes as soon as they come on the market!

Please feel free to Contact Us Anytime: Lisa, Gord, Glenn, Alex, Joanne, Avrill, Christie, Bryan, Laura and Ryan of Salt Fowler RE/MAX Vernon – Top RE/MAX Team in British Columbia for 2018.