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:
17.95% (this is how much of what is currently on the market sold last month)
Days to Sell:
84 (how many days on average it is taking to sell a home)
Avg. Sale Price:
$591,959 (averages can be skewed by a few really high, or really low $$ sales)
Median Sale Price:
$520,500 (the exact middle sale price of every residential property sold last month)
Waterfront Home Sales:
2 waterfront home sold year to date (compared to 0 last year in January 2017)
North Okanagan overall statistics:
Total Units that were newly LISTED (and active on the market) during each of the past 3 months:
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
Sellers: Sales for January were up over 30% year over year! Quite the start to the year! A 30% increase in sales coupled with inventory down to below 1000 units to 995, there is definitely further pressure on pricing. This increase could be due to many buyers purchasing prior to the new mortgage regulations coming into affect, and may dip a bit in February.
Some sellers think that any real estate salesperson can sell their home in this market. This may be true. However, do you just want to sell it or do you want to sell it for the most amount of money?? Statistics show our team sells homes on average for $4,813 more then the real estate board average. If you would like to sell for more, call us. If you don’t, call the other guys! If you are looking to sell, this is an excellent time, the Real Estate Gods are in your favour!
Buyers: The new mortgage rules are here and rates are slightly elevated, with predictions for rates to continue their slow upward trend throughout 2018. As mentioned above, the number of properties on the market dropped to below 1000 units. That is very tight inventory and does not make finding the perfect home easy. You have to be on your toes. We are always keeping our ears to the ground to come up with new listings before they even hit the market for our clients, and with 8 team members, we have a very good chance of someone locating the right home for you. Call us today to get on our client list to be informed of those hot new listings the fastest! Beat other buyers to those new listings!
Should I buy a home now in this seller’s market? We think so. For our reasoning as to why, please see our Castanet article here.
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.