Vernon Real Estate Market Update for December 2017

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:   

26.76%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

65 (how many days on average it is taking to sell a home)

Avg. Sale Price:  

$496,691 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$484,000 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

Still 15 waterfront home sold year to date (compared to 33 last year – no change from November’s numbers)

North Okanagan overall statistics:

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

Oct:           221

Nov:          236

Dec:         105

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

Oct:       225

Nov:      159

Dec:      122

Wrap Up:

Sellers:  Sales for December were up just over 5% year over year.  Not a huge increase, however enough to be stable.  When sales are up and inventory is down (down just over 10%), this puts pressure on prices.  As we have all heard, prices have been rising relatively quickly in the North Okanagan (and really, in the whole Okanagan) for the past few years.  The newer subdivisions are especially popular this year, with 152 sales for the year in Middleton Mountain, 64 in the Foothills, 33 at the Rise and 21 at Turtle Mountain.  Predator Ridge also had a huge year with 53 resales and countless new construction sales.

Yes, the market has been kind to sellers.  However we are seeing so many new listings hit the market with list prices that have no basis in reality.  If you want to sell your home, it’s worth a good dollar – however there is always a limit, and it’s below the sky!  Price your home at market value and you will be packing.  If your price is way over market, as in every market in every city everywhere – you will be staying put.

Tax assessments are out now!  If you would like a complimentary evaluation of your home’s value to see if it’s worth fighting your assessed value, let us know! We are happy to help.  Click here to sign up for your personalized free home evaluation.

Buyers:  The new mortgage rules are here and rates just went up.  Hopefully you locked in your preapproval prior to the New Year if you were planning to be in the market to purchase.  If not, never fear – these rules are only in place to ensure you don’t default on your mortgage in the future. It doesn’t mean you don’t qualify for a mortgage, it likely just means you qualify for a more comfortable amount.  Call us and we will hook you up with a mortgage professional who will ensure you receive the best mortgage at the best rates with the least amount of stress.

Once again, for more information on the new mortgage rules, please see our Castanet article here.  

We can help get you to the newest listings first, often before other Realtors or the public hear about them with our unique Buyer Profile System – sign up to View Thousands of Homes right here!

Please feel free to Contact Us Anytime:  Lisa, Gord, Glenn, Alex, Joanne, Greg, Avrill, Christie and Brodie of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

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