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 - July 2021
Sell/Inventory Ratio: 43.50% (this is the "absorption" of homes, i.e. how much of what is currently on the market sold last month)
Days to Sell:
27 (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 canceled and then re-listed. However, this number is incredibly low, and a reflection of how fast listings are selling!)
Benchmark Price:
Single Family: $666,700
Townhouse: $448,000
Apartment: $285,000
North Okanagan Lakefront Sales:
Waterfront Home Sales:
36 waterfront homes sold this year to date. Compared to 16 in 2020!
only 12 waterfront homes currently on the market versus 44 on the market same time last year. (These can hardly be listed before they are gone!)
North Okanagan Overall Statistics:
Total Units that were newly LISTED (and active on the market) during each of the past 3 months:
May: 369
June: 364
July: 303
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
May: 315
June: 278
July: 206
Wrap Up:
In comparison to the record-breaking numbers we were have been seeing in the last months, this July was positively tame in terms of new listings and listings sold. However, what was interesting was the significant increase in average sale price. When considered in combination with the decrease in listings, it's easy to see that the lack of inventory is driving up prices. The market is still relatively hot, and the buyers are still out there. Further, with low interest rates this is your chance to capitalize on a quick sale with a price likely above what you may have anticipated.
If you're currently listed or thinking about listing your home, here is a link to our Video "How to Choose a Real Estate Agent When Selling Your Vernon BC Home" with tips on how to choose a Realtor before you even pick up the phone:
Buyers:
Truth be told, as buyers the market has yet to return in your favour. However, with lower sales numbers this month in comparison to the past year, it's possible that your chances are increasing. Further, as both inventory decreases and prices increase, it continues to be ever vital to seek the advice of the professionals. If you haven't already, reach out to one of our knowledgeable agents about how to get an edge in this market.
If you're beginning your home search and are a big confused on some of the terminology, have a quick peek at our video: "Deposit vs. Down Payment When Buying a House in Vernon BC" right here:
If you are wanting to buy, call us and we can work together to get you access to that elusive 10% of homes that are not currently on the market. One of them may just be the perfect home for you. Reach out to Salt Fowler today. and "Just Add Salt". Being first in line in this competitive market is key.
250-549-7258 or text 250-309-9586.
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