Residential Detached Homes

Sales By The Month: 92, down 11.54%

Sales Year To Date: 265, down 12.25%

Days To Sell: 67, up 3.65%

Inventory: 346, down 6.74%

Average Price By The Month: $510,372, up 15.55%

Average Price Year To Date:  $510,074, up 14.76%

Winter finally released it’s grip and spring sellers entered the market in April, although at a slower pace than last year. While sales are down 12.25 % year to date, this can be attributed to continuing limited supply and future uncertainty. Recent changes to mortgage qualifications, an increase in mortgage rates, and uncertainty as to whether the North Okanagan will be included in the speculation tax, will have a cooling effect. This may not be felt until the latter half of this year as we trend towards a more balanced market.

If you are considering listing your home, there are things you can do today to prepare it for market.  Contact me for tips on how to boost your homes appeal and achieve a faster sale at a higher price. 

Condos

Sales By The Month: 28, up 7.69%

Sales Year To Date: 81, up 19.12%

Days To Sell: 79, down 45.45%

Inventory: 63, down 36.36%

Average Price By The Month: $197,911, up 9.48%

Average Price Year To Date:  $213,404, up 7.77%

With the average price of a detached home soaring past $510,000, it’s no surprise that we are seeing increased focus on apartments and strata in general.  Housing affordability is going to drive the demand towards this sector for a long time to come, making strata a promising investment.

Lots

Sales By The Month: 8, down 46.67%

Sales Year To Date: 29, down 30.95%

Days To Sell: 220, down 3.39%

Inventory: 168, down 26.64%

Average Price By The Month: $199,438, down 5.16%

Average Price Year To Date:  $164,719, down 23.67%

There are very few lots currently available.

 

Residential Detached Homes

Sales By The Month: 60, up 3.45%

Sales Year To Date: 102, up 12.09%

Days To Sell: 92, up 26.64%

Inventory: 238, down 18.21%

Average Price By The Month: $489,217, up 12.92%

Average Price Year To Date:  $531,522, up 23.67%

Despite winter refusing to release it’s stranglehold, sales for the month were actually quite decent.  February continued to build momentum after a strong beginning to the year, with sixty sales.

If you are considering listing your home in the Spring, there are things you can do today to prepare it for market.  Contact me for tips on how to boost your homes appeal, achieve a faster sale at a higher price. 

Condos

Sales By The Month: 15, up 0%

Sales Year To Date: 28, up 27.27%

Days To Sell: 63, down 57.03%

Inventory: 62, down 31.87%

Average Price By The Month: $216,887, down 2.11%

Average Price Year To Date:  $221,707, up 4.12%

The stats reflecting buyer demand of strata are so consistent month to month.  With community planning focusing on the densification of neighborhoods and the necessity of creating affordable housing, strata is the wave of the future.  The trend of housing is moving away from the large square footage homes of the past, (an unsustainable model if we wish to retain our natural spaces) to smaller homes that attract millennials.  As an investor, I recommend focusing on where the market is going; upscale half duplexes, one level living town homes and condos located in an urban setting.

Lots

Sales By The Month: 3, down 50%

Sales Year To Date:  11, down 15.38%

Days To Sell: 254, up 138.44%

Inventory: 151, down 33.77%

Average Price By The Month: $269,283, up 33.60%

Average Price Year To Date:  $165,305, down 34.32%

With so few lots sold in the past month, it’s not a large enough sample to establish a trend.

Residential Detached Homes

Sales By The Month: 42, up 27.27%

Sales Year To Date: 42, up 27.27%

Days To Sell: 84, up 43.87%

Inventory: 234, down 15.22%

Average Price By The Month: $591,959, up 39.70%

Average Price Year To Date:  $591,959, up 39.70%

Sales for the month indicate a quick start to the new year with sales up significantly from the same month last year.  January, typically a slower month for sales,, has come out of the gates strongly, watch for the spring market to hit very early this year. The average sale price soared to new heights and is predicted to continue to climb with very low inventory and high demand for 2018.

If you are considering listing your home in the Spring, there are things you can do today to prepare it for market.  Contact me for tips on how to boost your homes appeal, achieve a faster sale at a higher price. 

Condos

Sales By The Month: 13, up 85.71%

Sales Year To Date:  13, up 85.71%

Days To Sell: 95, down 51.72%

Inventory: 58, down 30.95%

Average Price By The Month: $227,269, up 16.89%

Average Price Year To Date:  $227,269, up 16.89%

With the new mortgage stress test lowering buyers qualifying amount and kicking many out of the detached home market, look for a surge in condo sales.

Lots

Sales By The Month: 8, up 14.29%

Sales Year To Date:  8, up 14.29%

Days To Sell: 195, down 22.08%

Inventory: 142, down 37.72%

Average Price By The Month: $126,313, down 57.13%

Average Price Year To Date:  $126,313, down 57.13%

Limited lot sales are an indication of the lack of inventory but even so managed to post a gain over the same month last year.  More stock will hit the market in 2018 to satisfy ongoing demand and provide an option to low inventory in the resale sector.

Residential Detached Homes

Sales By The Month: 66, down 9.59%

Sales Year To Date: 1163, down 8.06%

Days To Sell: 79, up 14.75%

Inventory: 265, down 16.93%

Average Price By The Month: $458,805, up 5.42%

Average Price Year To Date: $470,169, up 9.21%

Sales for the month were down significantly from October, as expected with the cooler weather, but even so they were down almost ten percent from the same month last year. This supports a trend of slowing sales, partly linked to not enough inventory and housing affordability pushing some buyers to the sidelines or into alternative housing such as strata. Despite this slowing sales trend, the average sale price continued to climb and is expected to do so through 2018.

While most Sellers prefer to list their home in the spring, with current inventory incredibly low, they may want to consider going against the flow this year and list during winter. Less competition will help their home stand out and increase the chance of a multiple offer and higher sale price.

Condos

Sales By The Month: 21, up 75%

Sales Year To Date: 209, up 30.63%

Days To Sell: 53, down 81.32%

Inventory: 67, down 22.09%

Average Price By The Month: $219,504, up 17.12%

Average Price Year To Date: $205,041, up 7.29%

Condo sales are up dramatically, seventy five percent this year, with the bulk of the increase reflecting the high price of detached homes driving sales to more affordable living. Strata is also attractive to investors looking for a low maintenance option, depending on the financial position and bylaws of the strata corporation.

Lots

Sales By The Month: 6, down 45.45%

Sales Year To Date: 133, up 24.30%

Days To Sell: 393, up 61.41%

Inventory: 180, down 15.89%

Average Price By The Month: $217,167, up 79.34%

Average Price Year To Date: $206,650, up 25.66%

Lot sales slowed as seasonal conditions make breaking ground on a new build more challenging. With low inventory of resale homes, the high pace of building activity is expected to continue for the foreseeable future in the North Okanagan.

 

Residential Detached Homes

Sales By The Month: 106, down 17.83%

Sales Year To Date: 1097, down 7.97%

Days To Sell: 69, down 7.74%

Inventory: 296, down 16.62%

Average Price By The Month: $482,400, up 13.42%

Average Price Year To Date: $470,853, up 9.44%

Even though sales were down compared to the same month last year, inventory continued to slide as less people listed their homes.  The average sale price edged higher from the previous month and is an astounding 13.42% higher than the same period in 2016.  

 

Condos

Sales By The Month: 18, up 5.88%

Sales Year To Date: 188, up 27.03%

Days To Sell: 127, up 1.39%

Inventory: 71, down 26.80%

Average Price By The Month: $219,932, up 1.07%

Average Price Year To Date: $203,426, up 6.28%

Condos continue to provide a great opportunity for first time home buyers and investors. With a scarcity of newer buildings in the area, look for new strata buildings to come online in 2018 to satisfy demand. .

 

Lots

Sales By The Month: 12, up 9.09%

Sales Year To Date: 127, up 32.29%

Days To Sell: 235, up 14.08%%

Inventory: 177, down 25.32%

Average Price By The Month: $230,792, up 31.89%

Average Price Year To Date: $206,153, up 21.69%

Inventory of available building lots continues to slide, down a massive 25.32% compared to the same period in 2016. The main culprit has been high resale prices and limited choice of detached homes enticing buyers to build their own dream home.  Building lots have become very scarce as demand outstrips supply.  Look for new subdivision developments to hit the market at the end of 2018.

 

With the back to school frenzy over and Halloween fast approaching, it’s time to check in on recent market developments in Vernon/Coldstream, surrounding areas and what it means for future sales. Are prices destined to go even higher next year or has this real estate cycle run it’s course? As you can see from the stats below, continued low inventory, a healthy local economy and inward migration are placing enormous upward pressure on pricing. However recent changes to mortgage qualifying rules may have a slowing impact on this trend. Watch for future blogs on this and other changes to the real estate market.

 

Residential Detached Homes

Sales By The Month: 103    up 6.19%

Sales Year To Date: 991 down 6.77%

Days To Sell: 56 down 36.31%

Inventory: 367 down 16.59%

Average Price By The Month: $460,778 up 4.42%

Average Price Year To Date: $469,618 up 9%

Coming off a very strong year in 2016, the 2017 residential detached housing market has out performed yet again with an average price gain of 9% for the year to date.

 

Condos

Sales By The Month: 16 down 11.11%

Sales Year To Date: 170 up 29.77%

Days To Sell: 146 up 55.38

Inventory: 75 down 20.21%

Average Price By The Month: $198,625 up 10.56%

Average Price Year To Date: $201,678 up 7.27%

Condos are fast becoming the starter home for young people as detached housing becomes out of reach for many. It remains a very good option for those buyers looking for monthly cost certainty.

 

Lots

Sales By The Month: 8 up 60%

Sales Year To Date: 115 up 35.29%

Days To Sell: 141 down 37.17%

Inventory: 197 down 15.09%

Average Price By The Month: $240,000 up 83.07%

Average Price Year To Date: $203,582 up 20.68%

Sales of lots have increased substantially in 2017 as has the sale price. This is a combination of low inventory and high demand applying pressure on the existing housing stock limiting options for higher priced buyers, also an opportunity for people to build their dream home while mortgage rates remain low.

For those who regularly receive my monthly market update, my apologies for missing the last couple of months. A team member’s serious health concern took precedence.