Vernon Market Update for January 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:

12.82% (this is how much of what is currently on the market sold last month)

Days to Sell:

97 (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:

$502,565 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:

$479,000 (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:

Nov: 212

Dec: 119

Jan:  183

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

Nov: 119

Dec: 116

Jan:  98

Wrap Up:

Sellers: Along with the short-winded resolutions, with the arrival of the New Year comes an expected increase in newly listed properties. If you’ve been on the market for a while already, this increase in competition can feel a bit frustrating however in reality we have a very tight market.  Many listings that have been on  the market for quite some time are now accepting offers and selling.  If you have a house in town, and aren’t experiencing an uptick in showing activity or offers, do contact your agent, as there may be more to the issue than “winter”.  Often a small adjustment in price or selling strategy can go a long way at this crucial time of year.

Buyers: It’s a bit of a tough time to be a buyer, as inventory has substantially dwindled over the winter and has not as yet caught up to demand.  Every day we are seeing new properties hitting the market, so do not despair – your next home is likely just around the corner.  When the market tightens up like this, though, remember that over-negotiating at the outset with your first offer may annoy the seller causing them to be ultimately less negotiable, or may  throw you into an awkward multiple offer situation.  We are seeing many multiple offers around right now and setting yourself up for success with a knowledgeable agent is crucial!   If you’re just beginning the home buying purchase, now is the time to find an agent who understands your needs.  Reach out to the Salt Fowler Team 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 the Salt Fowler Team, RE/MAX Vernon – Top RE/MAX Team in British Columbia for 2018.