Vernon Real Estate Monthly Market Update for Feb 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:   

25.21%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

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

Avg. Sale Price:  

$489,217 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$451,500 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

3 waterfront home sold year to date (compared to 0 last year in Jan-Feb 2017)

North Okanagan overall statistics:

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

Dec:         105

Jan:          210

Feb:        217

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

Dec:      122

Jan:       111

Feb:      131

Wrap Up:

Sellers:  Sales for February were around the same year over year – 131 sales this year versus 134 last year.  Inventory of homes on the market did clear the 1000 mark all the way up to 1004!  This is over 20% fewer homes on the market this year so far.

The big BC real estate hot button right now is the new proposed speculation tax.  At this point the Budget states that the municipalities of Kelowna and West Kelowna are included in this tax. What this means is that anyone who does not pay taxes in British Columbia (i.e. anyone from another Province, let alone another country) will pay an additional .5% of assessed value on their property taxes in 2018 and an additional 2% in 2019 and beyond.  This is a huge issue for people who own vacation or short term rental properties in the Kelowna and West Kelowna areas. Is this an opportunity for our area, the North Okanagan to capitalize on?  Possibly, although our position is that on the whole this is bad press for our market, the Okanagan and our Province, and we will fight it every chance we get.  We encourage everyone else to do the same.

For more information on the BC Budget, view our Blog post here.

Your home may be worth more than you think! Call us Today for a complimentary evaluation of the value of your home in today’s Seller’s market. 

Buyers:  Many buyers are finding it difficult to find the home of their dreams with not enough homes entering the market relative to those that are selling.  The good news for buyers is that inventory is creeping up and now there are over 1000 homes to choose from, versus less than 1000 last month.  Once again, I cannot stress how important it is to have a professional Realtor working for you to keep you informed of new listings that hit the market the instant they become available.  With 8 team members, we have a very good chance of one of us 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 before other Realtors even hear about them.

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

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