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Vernon BC and North Okanagan Real Estate Market Update

Vernon BC and North Okanagan Real Estate Market Update - July, 2015

 

**This North Okanagan Real Estate Update covers the areas of:  Vernon, Coldstream, Falkland, Armstrong, Enderby and Lumby

 

For July of this year, things switched up a little bit with a few more listings coming on the market and a few less sales.  

 

North Okanagan overall statistics:

Total Units LISTED (and actively on the market) during each of the past 3 months:

 

May:            468

June:           443

July:            348 

 

Most recent month as compared to 2014:  A 5.69% decrease.

 

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

 

May:            229

June:           221

July:            208

 

Most recent month as compared to 2014:  Decrease of -6.73%.

 

 

Total RESIDENTIAL Units SOLD (includes houses, condos and manufactured homes for sale in Vernon BC) during each of the past 3 months: 

 

May:            209

June:           197

July:            191

 

Most recent month as compared to 2014:  Decrease of -4.02%

 

 

Inventory - the "Competition" for Sellers and the "Choices" for Buyers:

 

May:            2154 listings on the market - 9.4 months of inventory

June:           2233 listings on the market - 10.1 months of inventory

July:            2178 listings on the market - 10.5 months of inventory

 

Year over year comparison versus July 2014:  2260 or 10.1 months of inventory.  (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, 8.77% of the inventory sold in July, which means nearly 91.23% of what is on the market did NOT sell.    

 

Wrap Up:

 

Sellers:  The market slowed up again in July, second month is a row. Waterfront sales are down by 60% year over year, which we credit for our decline in sales during what is usually a very busy month for the North Okanagan.  We are hoping for better results for August, however with the Alberta economy the way it is, our usual pool of buyers is simply not there.  However other areas of the market are doing quite nicely and we are seeing many sales and some inventory declines in the low to mid prices especially.   

 

Buyers:  There is tons to choose from if you are looking for waterfront or vacation rentals.  Some excellent buys around the area that certainly will not last for long. Plus, interest rates are still incredibly low!  Stack a mortgage payment up against what you pay in rent and likely you will find (especially with the rental market very tight in the North Okanagan right now) you will save money by owing!  Call us for details, we can help steer you in the right direction.

 

And, as we announced last month, we still have copies of our new book available if you or someone you know (or if you have a waiting room that needs one!) would like one, we are happy to send one out for you.  Still FREE!  To receive a copy of our new book:  "Buying and Selling in the North Okanagan", please email us and we will be happy to comply.  webinfo@saltfowler.com.  

 

If you would like to view thousands of available homes on the MLS in the Okanagan Valley all in one place, or sign up to get instant access to the hottest newest listings first, please visit our website and save some time and frustration:  Click here to View Thousands of Homes online in one place!   

 

 

Lisa, Gord, Chris, Glenn, Alex, Joanne and Greg (click here to contact one of our team)

Salt Fowler Team, RE/MAX Vernon - specializing in North Okanagan and Vernon BC Real Estate

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