Our Vernon BC Real Estate Market Update - Just Released!!
**This North Okanagan Real Estate Market Update covers the areas of: Vernon, Coldstream, Lumby, Falkland, Enderby and Armstrong
This month we are seeing a few more sales and lots of new listings entering the market, making for quite a lot of competition for sellers out there in some price ranges.
North Okanagan overall sales statistics:
Total Units LISTED (and actively on the market) during each of the past 3 months:
Most recent month as compared to 2014: Down 23.84% !!
As above, Spring is here in full force with a mad rush for everyone to get their homes on the market as soon as they possibly can!
Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:
Most recent month as compared to 2014: Increase of -2.11%
Total RESIDENTIAL Units SOLD (includes houses, condos and manufactured homes for sale in Vernon BC) during each of the past 3 months:
Most recent month as compared to 2014: Decrease of 13.43%
Inventory - the "Competition" for Sellers and the "Choices" for Buyers:
January: 2653 listings on the market - 19.7 months of inventory
February: 1767 listings on the market - 20.1 months of inventory
March: 1922 listings on the market - 13.9 months of inventory
Year over year comparison versus March 2014: 1913 or 13.4 months of inventory. As you can see, we are nearly neck in neck with last year's numbers. Even though we have more listings on the market, the number of sales is eating into the inventory and we are keeping pace with 2014.
(These numbers are calculated based on the number of units currently on the market, at the rate they are currently selling)
To put this into perspective, as a ratio, 6.35% of the inventory sold in February, which still means nearly 93.65% of what is on the market did NOT sell. These numbers are a definite improvement from 2014.
Sellers: We keep expecting to see the lower oil prices affect our market, however we aren't really experiencing significant decreases as of yet. Throughout the valley there has been 16 lakeshore sales this year versus 20 sales to date last year, same time period. Down 4 sales, or 20%, however thus far not the bloodbath some were expecting.
Buyers: Lots of new listings hitting the market these days and we are once again seeing multiple offers in our marketplace. A week ago we dealt with FOUR offers on the same condo within 48 hours of listing and it sold for 107% of the list price! Our buyer specialists are reporting that many of the homes their buyers are waiting on before putting in offers, are gone before they have the opportunity to view again. If you have a home that you want - the best advice we can give is to move quickly or you may miss a home you really love.
If you are not from the area, or are and are interested in a sneak preview of our new Vernon and North Okanagan promotional video - please click here to have a look.
If you would like to view thousands of available homes on the MLS in the Okanagan Valley all in one place, please visit our website and save some time and frustration: Click here to View Thousands of Homes online in one place!