Vernon and North Okanagan Real Estate Market Update - August 2013
**This North Okanagan Market Update covers the areas of:  Vernon, Coldstream, Lumby, Falkland, Armstrong, Enderby
What a fabulous summer - and it seems like we are still blessed as the great weather continues through September! We also experienced increases in our real estate market activity, a refreshing change from the previous 5 years, which gives us reason to believe that the worst is behind us.   
North Okanagan overall statistics August:
Total Units Listed:  Far fewer listings entered the market in August (only 300 new listings) than in July (344  new listings). It is nice to see inventory not stacking up at an incredible pace!  That's a 6.83% decrease over 2012.  This will certainly help what has been a free fall of real estate prices since late 2008.  This past month has been our new lowest in terms of new listings entering the market since the tail end of winter. 
Total Units Sold:  In August, the North Okanagan achieved 181 sales, which is up substantially from the same month last year (last year in August we experienced only 149 sales).  This is an increase from July of 2013 with 144 sales.   Out of these 181 sales, 165 were residential, as compared to the 135 residential sales there were experienced during the same month last year.  These are excellent numbers and are continuing to show signs of recovery.    
The North Okanagan currently sits with 13.4 months of inventory.  This number is calculated based on the number of units currently on the market, at the rate they are currently selling.  We are now at 2428 total listings, down considerably from the 2637 listings on the market in the North Okanagan during the same time period last year.  To put this into perspective, as a ratio, 6.8% of the inventory sold in August, which still means nearly 93.2% of what is on the market did NOT sell.  This seems like a lot - and it is - however we have seen numbers way worse than these in the past 5 years!  
Wrap Up:
Sellers:   Sales are up which is great news for sellers, although we are still experiencing challenges with people losing all their equity (and then some) if they have purchased any time in the last 7 or so years.  The prices range below $400,000 is still very active and we have seen quite a bit of activity at that level, while the top end, including lakefront, has been quite slow.  Rural properties are also slower, and especially those located out of the Greater Vernon area.  These properties will follow at a slower pace than the in town, mid price ranged product.  
Buyers:  There are still fabulous opportunities for purchase out there!  There are some great buys in foreclosures still if you are willing to take the risk (have a peek at www.OkanaganForeclosures.com) plus we do have some good rent to own possibilities for first time buyers who aren't quite ready or able to make the commitment to buying their first house today. If you would like to get access to great deals including foreclosures and estate sales - call us today and we can arrange to set up a daily search for you of ALL the very best Okanagan deals.
Check out our incredible new lakefront development, located at 7373 Brooks Lane on Okanagan Lake at www.TuscanTerraces.info.  There are some fabulous opportunities to buy lakeshore from only $549,900 plus GST - and you get access to a heated pool as well as your own boat slip!  One unit SOLD yesterday and FOUR pending from just this summer alone! Don't miss out, call our team today for more information or a private viewing.  We are also open for all of September from Friday to Monday 1-3.
And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!
If you would like to find out how you can get $5,000 more on the sale of your house, and all the while hiring a full service real estate team with Professional Marketing, please click here: $5,000 more!  We would be happy to help!
Cheers!
Lisa, Gord, Chris, Brad, Glenn and Alex
Salt Fowler Team, RE/MAX Vernon - specializing in North Okanagan and Vernon Real Estate

North Okanagan Real Estate Market Update

 

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

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


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North Okanagan sales for January 2015 shows mixed signals for the start of the year, no doubt due to the uncertainty surrounding fallen oil prices, decreasing interest rates and the dropping Canadian dollar.  

North Okanagan overall sales statistics:

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

October:       234
November:   191
December:   126
January:       235

Most recent month as compared to 2014:  Down 20.34%

We are seeing the usual blast of new listings after the Christmas season ends, although over 20% less than we saw in January, 2014.  

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

November:   120
December:   114
January:       84

Most recent month as compared to 2013:  Increase of 17.53%


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

November:   99
December:   96
January:       84

Most recent month as compared to 2014:  Decrease of 28.81%


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

November:   1966 listings on the market - 16.5 months of inventory
December:   1585 listings on the market - 13.9 months of inventory
January:       2653 listings on the market - 19.7 months of inventory

Year over year comparison versus January 2014:  1763 or 14.9 months of inventory.  These numbers are up month over month, and year over year, again due to the uncertainty in the Canadian marketplace as a whole.  

(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, 4.54% of the inventory sold in December, which still means nearly 95.46% of what is on the market did NOT sell.  These numbers are a definite improvement from 2013.  


Wrap Up:

Sellers:  Nothing like starting 2015 with more uncertainty...  Declining oil prices and the resulting job losses have a substantial effect on the entire Okanagan Valley, as our real estate market has become so dependent on the influx of Albertans.  Just when we thought they were coming back ... this happens!  Saying that, our sales for January weren't too bad and there still seems to be activity in the market.  Much of that activity happened after the unexpected drop in the prime rate earlier in the year.  This seemed to have prompted many buyers to get off the fence and commit to a home purchase.  Let's hope this continues!  

If you are unsure what your home is worth or want some info on house prices in your area, please click here

Buyers:  There are still opportunities out there, and a few more popping up daily with the uncertain market.  With this bonus dip in the interest rates, it is a great time to buy!  If you are one of those fence sitters, now may be the time for you to move forward and join the buyers who are making the plunge into home ownership.  We have seen a few more foreclosures pop up here, and there, so there are a few opportunities for those willing to take the risk and put in some sweat equity to make a distressed property their ultimate home, or maybe make some money on the side.  For more info on purchasing a foreclosure, please visit our informational videos about How to Buy a Foreclosure.  

If you would like to view thousands of available homes 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!   


Vernon BC and North Okanagan Real Estate Market Update - Year End, 2014

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


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North Okanagan sales for December of 2014 showed another slight improvements compared to 2013.  We were happy to end off the year on a strong note!

North Okanagan overall sales statistics:

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

October:       234
November:   191
December:   126

Most recent month as compared to 2013:  Up 10.53%

Even though our inventory rose this 10.53% in December, the overall numbers for the year are down, as you will see shortly.  Overall we are happy with the 2014 results as they have been the best we have see