Vernon Real Estate Market Update for May 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:   

29.87%  (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:  

$521,558 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$475,238 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

6 waterfront home sold year to date (the exact same as last year)

North Okanagan overall statistics:

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

Mar:       380

Apr:       391

May:     489

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

Mar:     178

Apr:      190

May:     237

Wrap Up:

Sellers:  The market is definitely changing.  The government interference in terms of the speculation tax, coupled with the pipeline issues and softening real estate prices in the urban centres has caused Vernon/Okanagan sales to decline for the fourth month in a row.  The over million dollar price range has seen significant increases in inventory plus a decline in sales, although homes below the $550,000 mark still seem to be exceptionally popular and are still experiencing multiple offers.

The new real estate rules are a serious learning curve for buyers, sellers and realtors alike.  There are 26 new forms, 2 of which you will become very familiar with as sellers. If you have your home listed for sale right now, you will be introduced to them very shortly. More on that later!

We are still doing our part to reverse the Speculation Tax.  Please sign the petition here if you haven’t already!

Sign the Petition to Stop the BC Speculation Tax Here

Write your MLA here in just a few clicks, to fight the BC Speculation Tax

Buyers:  Inventory of homes on the market has already increased 4 months in a row.  This month 2018 finally caught back up to 2017 numbers with 1420 total listings on the market compared to 1429 last year at this time.  This is combined with a 22.5% decrease in sales.  For buyers, this means more choices of homes on the market and eventually less in the way of multiple offers (price range dependent, of course).

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 and Christie of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

One thought on “Vernon Real Estate Market Update for May 2018

  1. Steve

    I would update your definitions:

    Average: calculated figure, = total sales $ / # of sales, easily skewed…. Blah blah blah

    Median: actual sale figure,= sale $ jn the middle of you sorted all sales by price

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