Vernon/North Okanagan Market Update - December, 2011
The North Okanagan ended the year at
10.7% less sales than in 2010. The Shuswap ended at nearly even after a
decent fourth quarter. The North had 1504 sales in 2010, down to 1343,
a decrease of 161 units in total.
North Okanagan overall statistics December:
Total Units Listed: 129 new listings came on the market in December, down 16.77% from December of last year and down from last month (234).
Usually the number of listings coming on the market in December is less
than most every other month of the year, although this December was
down more significantly than usual. This is
a good sign - for prices to stabilize, we need to have less homes on
the market given the poor sales activity in the North Okanagan.
Total Units Sold: In December the North Okanagan achieved 77 sales, which is up 10% from the same month last year (last year December had 70 sales). This is also down, as expected for seasonal decline, from the 95 sales in November of this year. Out of these 77 sales, 68 were residential sales, as compared to the 55 residential sales there were during the same month last year. This is also a good sign - more sales!
The North Okanagan currently sits with 24 months of inventory - a full 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 1,852 total listings, down slightly from the 1,949 listings
on the market same time last year. To put this into perspective, as a
ratio, 4.16% of the inventory sold again in December, which means nearly 95.9% of what is on the market did NOT sell. This ratio is about the same as many of the previous months of 2011.
Wrap Up:
Sellers: We don't expect prices to increase in 2012. With the world economy in a constant state of disrepair, the financial industry making mortgage qualification extremely difficult and, more locally, the inevitable dissolution of the HST, we are expecting another lacklustre year in real estate. We hope that the brief surge in activity will continue, which "may" assist in stopping the freefall in pricing. It will not however help with price increases. If you are one of the many waiting for Spring because you think prices will go up - there are no signs of that happening. There are still too many homes on the market and not enough sales to eat up the existing inventory.Buyers: 5 year mortgage rates just went down to 2.99% - the lowest EVER. That is an amazing rate! Note that rate currently only applies to owner occupied homes - however we are hoping to see the rate on investment properties follow shortly. That is ridiculously low! If it wasn't time to buy in the last 12 months, it certainly is now! If you can qualify for a mortgage, that is... to find out if you can qualify, please click here to contact one of our recommended mortgage specialists.And remember - If you are moving ANYWHERE in the world - contact us ... We know the BEST Agents!
If you would like some free advice on how to get your home ready for showings, click here for our home staging tips.
There's always new information on our Blog! Plus tons of home selling and buying information available at www.FowlerLuxuryHomes.com!
Vernon/North Okanagan Market Update - November, 2011
All areas in the Okanagan
underperform as 2011 heads for a close, although the North Okanagan
leads the pack in decreases. North Okanagan sales were down another
12.2% for November while the Shuswap sales were flat and the Central
Okanagan sales were down a mere 1.35%.
North Okanagan overall statistics November:
Total Units Listed: 234 new listings came on the market, down 8.14% from November of last year and down from last month (324). This is as expected for this time of year as people begin to button down the hatches for the winter months,
pulling their homes off the market so they don't have to move with snow
on the ground. Although this feels comfortable for many, the savvy
Sellers are keeping their homes listed (or are listing now) for a number
of reasons - click here to view our blog for 11 Reasons to List Your Luxury Home Over the Holidays.
Total Units Sold: In November the North Okanagan achieved exactly 95 sales, which is down 12% from the same month last year (last year November had 108 sales). This is also down from the 100 sales in October of this year - again, as expected for this time of year. Out of these 95 sales, 82 were residential sales, as compared to the 96 sales there were during the same month last year.
The North Okanagan currently sits with 23.04 months of inventory - still slightly less than 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2,189 total listings, down ever so slightly from the 2,211 total listings
on the market same time last year. For yet another month we are at
about the same level as we were in 2010 - and with the same results -
too much on the market
and not enough selling. To put this into perspective, as a
ratio, 4.3% of the inventory sold again in November, which means 95.7% of what is on the market did NOT sell. This ratio is about the same as last month.
Wrap Up:
Sellers: I imagine I sound like a broken record, however the market is speaking very clearly. It is up to you whether you wish to listen to what it is saying. As I said above, too many homes are currently on the market for sale and not enough of them are selling. This of course puts pressure on pricing. The market is still falling, although it appears not at the rate that it was (we hope). One factor that seems to be weighing in heavily is the HST confusion. Many people believe they must pay HST on any real estate purchase, when in fact the average resale home is exempt. On new homes, newly subdivided lots as well as properties that produce revenue such as farm land, HST is applicable. Therefore, many buyers are sitting on the sidelines waiting for the reversal of the tax in 2013. We are doing our best to educate the masses, however it is a widely held belief by many. As you can imagine new construction sales are suffering considerably.Buyers: We have seen some great buys available of late. Just because there are fewer homes on the market in the winter, doesn't mean there aren't some excellent values! Don't call off your home search just because you don't want to move in the winter - the savvy buyer will buy now, potentially make a good deal and move in the Spring. Chances are the Sellers aren't interested in hauling their furniture through the snow either! Also, as mentioned above - the HST likely doesn't apply to you if you are buying a resale home. For more information on how to calculate the HST, click here to view our HST Calculator, complete with rebates.
If you want an honest evaluation of your home's worth in this market or assistance in finding the best mortgage for your new home, we are here to help.
Vernon/North Okanagan Market Update - October, 2011
Once again the North Okanagan lags
behind the Shuswap and tries to catch up with the Central Okanagan for
the title of worst performer. Shuswap sales were up 50% from 2010 - way
to go Shuswap! Central Okanagan sales were down 21.64% while the North
Okanagan was down 17.29%.
North Okanagan overall statistics October:
Total Units Listed: 324 new listings came on the market, down 10% from October of last year but up from last month (311).
An increase from last month is a little surprising, as we are heading
into the slower months that usually see a decrease in the number of
homes coming on the market. The number of listings reducing by 10% from
last year is a favourable sign, although we need a much larger decrease
to make a significant difference to the marketplace.
Total Units Sold: In October the North Okanagan achieved exactly 100 sales, which is down 15.25% from the same month last year (last year October had 118 sales). This is also down from the 108 sales in September of this year. Out of these 100 sales, 90 were residential sales, as compared to the 107 there were same month last year.
The North Okanagan currently sits with 23.7 months of inventory - still slightly less than 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2,391 total listings, down ever so slightly from the 2,413 total listings on the market same time last year. Once again, we are at about the same level as we were in 2010. Too much on the market and not enough selling. As a ratio, 4.2% of the inventory sold again in October, which means 95.8% of what is on the market did NOT sell.
Wrap Up:
Sellers: Inventory levels are still very high, even though they dropped, once again, marginally this past month. We are still seeing more price reductions, more foreclosures, more of the "have to" sellers. If you are a "want to" seller, meaning if you sell or not you don't really care - best to stay put for a while. The market is being set by the have to sellers, not the want tos. If you are holding out for a higher price and don't want to get aggressive and competitive with your list price to reach today's savvy buyer - you may as well forget it. Having your home on the market is stressful for you and costly for your Realtor. If you are not serious, I recommend: "don't bother".Buyers: The excellent buys are going fast - they always do in any market. Some are good buys immediately as they come on the market and sell fast - and some prices get reduced over time to great value. Hire a professional to determine which ones are the best values are which are not. And act accordingly. Giving a lowball offer on a well priced home just annoys the Seller and likely costs you more at the end of the day. Also, mortgage rates are fluctuating - be sure to call us for a referral to a mortgage broker who will give you the best rate and will lock a rate in for you in the event that the type of mortgage you want fluctuates to a higher rate. It's worth the time you take to talk to the broker and doesn't cost you a cent!
And remember - If you are moving ANYWHERE in the world - contact us ... We know the BEST Agents!
If you want an honest evaluation of your home's worth in this market or assistance in finding the best mortgage for your new home, we are here to help.
Vernon/North Okanagan Market Update - September, 2011
Ouch.
September statistics were not very positive for the North Okanagan.
Although the Central Okanagan sales were up 25.42% and the Shuswap sales
were up 18.75%, the North Okanagan suffered a 26.03% decline over
2010.
North Okanagan overall statistics August:
Total Units Listed: 311 new listings came on the market, up 5.07% from September of last year and down from last month (378). At this time of year, as we head into Fall/Winter, we see this typical slowdown of properties coming on the market.
Total Units Sold: In September the North Okanagan achieved 108 sales, which is down significantly - 26.03% in fact - from the same month last year (last year September boasted 146 sales). This is also down from the 115 sales in August of this year. Out of these 108 sales, 98 were residential sales, as compared to the 133 there were same month last year.
The North Okanagan currently sits with 24 months of inventory - still slightly less than 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2,596 total listings, down ever so slightly from the 2,575 total listings on the market same time last year. This shows we are pretty much in the same position as we were this time last year - too much on the market and not enough selling. As a ratio, 4.2% of the inventory sold in September, which means 95.8% of what is on the market did NOT sell.
Wrap Up:
Sellers: Inventory levels are still very high, even though they dropped marginally this past month. For this time of year - even taking seasonality into account - the numbers are still high. We are still seeing many price reductions, and starting to see many listings expire at the conclusion of their listing period unsold. We anticipate seeing more of the same for the last quarter of 2011. The "have to" sells are setting the market for the "want to" sells.Buyers: There are some excellent buys out there. For those of you who feel the bottom has not hit yet, the one thing I know for sure is that we won't know we have hit the bottom until we are back on our way up. With mortgage rates the lowest they have been in who knows how long - I wouldn't wait!
If you want an honest evaluation of your home's worth in this market or assistance in finding the best mortgage for your new home, we are here to help.
Vernon/North Okanagan Market Update - August, 2011
August
ended about the same as the rest of the year - ho hum activity with a
few sales in some select price ranges. Although the month started off
with less than stellar results, it ended with more marginally more sales
than 2010.
North Okanagan overall statistics August:
* Total Units Listed: 378 new listings came on the market, down 16.31% from August of last year and up from last month (325). Inventory is starting to build again as we come closer to the Fall market.
* Total Units Sold: In August the North Okanagan achieved 115 sales, which is up slightly at 4.55% from same month last year (last year August had 110 sales), but down from the 127 sales in July of this year. Out of these 115 sales, 99 were residential sales, about the same as the 102 there were same month last year.
The North Okanagan currently sits with 23.3 months of inventory - still slightly less than 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2679 total listings, down from the 2,726 total listings
on the market same time last year. This shows we are pretty much in the
same position as we were this time last year - too much on the market
and not enough selling. As a
ratio, 4.3 of the inventory sold in July, which means 95.7% of what is on the market did NOT sell.
Wrap Up:
Buyers: Mortgage rates are down again! If you haven't priced out whether it's cheaper to buy or rent, you should do so. Let us help - we have access to the best mortgage brokers in town who will give you all the details at no charge! What is there to lose??! it's FREE! Did you know you can buy a one bedroom apartment for $69,900 or a single family house for well less than $200,000.... if you do the math and you'll see the benefits!
If you want an honest evaluation of your home's worth in this market or assistance in finding the best mortgage for your new home, we are here to help.
Vernon/North Okanagan Market Update - July, 2011
Although
the sales and the weather didn't reflect it, July was the beginning of
our normally busy Okanagan summer season. Even with elevated fuel
prices and busy traffic patterns that prove to us that summer is upon
us, sales did not follow suit. The month started busy, giving us hope,
and then ended with very few sales in the last week of the month. Sales
were still up over last year, however last year we had a dismal July.
North Okanagan overall statistics July:
* Total Units Listed: 393 new listings came on the market, down 4.38% from July of last year and down from last month (408). Inventory continues to build, although once again at a slightly slower pace than last year.
* Total Units Sold: In July the North Okanagan achieved 127 sales, which is up 18.69% from same month last year (last year July had 107 sales), but about the same as the 131 sales in June of this year. Out of these 127 sales, 116 were residential sales, up from the 103 there were same month last year.
The North Okanagan currently sits with 21.8 months of inventory - still slightly less than 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2688 total listings, down from the 2,766 total listings
on the market same time last year. This isn't as promising as last
month, but still marginally in the right direction. As a
ratio, 4.8 of the inventory sold in July, which means 95.2% of what is on the market did NOT sell. These numbers clearly support our continued full fledged Buyers Market scenario.
For July,
the overall market started off good, but then ran out of steam as the end of the month approached.
Wrap Up:
Buyers: Seriously - what are you waiting for?!! Mortgage rates are ridiculously low. The best time to buy is when no one else is!! That is a real estate truism that we all have heard or even feel we know, but seldom practice. Be ahead of the crowd and do what the other cliche says: "buy low, sell high".
If you are looking to buy low, call us now - we can help. And if you are selling, although the market isn't the best, we are - and can ensure that you receive the highest price possible in this market.
Vernon/North Okanagan Market Update - May, 2011
Another substandard month stacks upon two years of underperformance for the North Okanagan. Unfortunately for those who are homeowners, the current outlook isn't great for selling. However, for those who are looking to enter the Vernon real estate market, or move up - opportunities are endless!
Although the market sales are down, our team has taken the opportunity to increase market share. Rather than cutting back and laying low, we are going out, looking for business, and making great things happen for those who wish to make a move. Call us anytime for a FREE consultation of what we can do to help you begin or add to your real estate portfolio.
North Okanagan overall statistics May:
* Total Units Listed: 463 new listings came on the market, down 15.82% from May of last year and down from last month (548). Inventory continues to build, although thankfully at a slightly slower pace than last year.
* Total Units Sold: In May the North Okanagan achieved 123 sales, which is down 28.07% from same month last year (last year May had 171 sales), but up from the meager 86 sales in April of this year. Out of these 123 sales, 111 were residential sales, way down from the 153 there were same month last year.
The North Okanagan currently sits with 21.4 months of inventory - now slightly less than 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2629 total listings, slightly down from the 2,711 total listings on the market same time last year. As a ratio, 4.6% of the inventory sold in April, which means 95.4% of what is on the market did NOT sell. These numbers clearly support our current full fledged Buyers Market scenario.
For May, the overall market was slow, although substantially more sales than in April. Values are getting better, coaxing more buyers to step up and take the plunge into home ownership. Sellers have reduced their prices substantially, and the media is finally supporting the reality that prices are down.
Wrap Up:
Buyers: We feel that the climate right now is the the perfect storm for buyers! Real estate is always an excellent investment, and over time, appreciates. Many are sitting on the fence thinking prices may still go down. But even if prices go down but interest rates go up in the meantime - over the amortization of your mortgage, you could very well be in a negative position. Call us for more details - we have all the numbers worked out!
If you are looking to buy or sell - call us now and we'll show you have we are worth far more than the commission we charge - and for you buyers out there - we're free already!
Interested in buying an Investment Property but want to buy in the United States? Check out www.BestUSBuys.info for information on how to buy with the least amount of stress. We have done it ourselves and we can help!
And remember - If you are moving ANYWHERE in the world - contact us ... We know the BEST Agents!
There's always new information on our Blog! Plus tons of home selling and buying information available at www.FowlerLuxuryHomes.com!Cheers!
Gord Fowler
Vernon/North Okanagan Market Update - April, 2011
People are asking us daily why the market in the Lower Mainland is hot and we are saying the Okanagan isn't? The answer is simple - the Vancouver market is being driven by the Chinese, Korean and Iranian influence and ours is not. And to prove our market hasn't heated up - read on....
North Okanagan overall statistics April:
* Total Units Listed: 548 new listings came on the market, down 11.86% from April of last year and about even to last month (506). Inventory continues to build.
* Total Units Sold: In April the North Okanagan achieved 86 sales, which is down again drastically from last year - 54.26% to be exact - (last year April had 188 sales) and down from the 116 sales in March of this year. Out of those 86, 80 were residential sales, way down from the 172 there were same month last year.
The North Okanagan currently sits with 29 months of inventory - now more than 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2489 total listings, about the same as the 2,549 total listings on the market same time last year. As a ratio, 3.5% of the inventory sold in April, which means 96.5% of what is on the market did NOT sell. Ouch.
For April, the overall market was slower than expected. We attribute this slowdown to high market prices that were initially driven up primarily by Alberta buyers who are now non-existant buyers in the Okanagan market. Local buyers, especially first timers, find it difficult to qualify for and support a mortgage on an average house price of over $350,000.
Wrap Up:
Sellers: Inventory levels are rising once again. In order for our market to improve, sales must increase at a faster pace than inventory - which is clearly not happening at present. In fact this month we went the opposite direction. Will the Albertans be back to buy real estate this season? Possibly higher oil prices will generate enough confidence for those buyers to return, although we do not expect them to purchase at the rate they were in the past mostly because our prices are higher, therefore pricing the Okanagan out of the "excellent value" range. That market is being replaced by the drastic price drops still being experienced in Arizona and other areas of the United States.
Buyers: Prices are down, interest rates are down, it's the perfect storm for buyers! If you are moving within the same market, it's all relative and if you sell low, you can buy low. If you are getting into the market for the first time there are many incentives that are relevant to you - call us for details.
If you are looking to buy or sell - call us now and we'll show you have we are worth far more than the commission we charge - and for you buyers out there - we're free already!
And remember - If you are moving ANYWHERE in the world - contact us ... We know the BEST Agents!
There's always new information on our Blog! Plus tons of home selling and buying information available at www.FowlerLuxuryHomes.com!
Cheers!
Gord Fowler
Vernon/North Okanagan Market Update - March, 2011
Looks like March was a little bit of a false start - we felt the market was improving slightly but in fact in wasn't. Read on for more info....
North Okanagan overall statistics March:
* Total Units Listed: 506 new listings came on the market, down over 11.54% from March of last year but up significantly from last month (364). As usual, our listing inventory is starting to build as the weather improves ever so slightly.
* Total Units Sold: In March the North Okanagan achieved 116 sales, which is down drastically and surprisingly from last year (154 sales) but up from the 91 sales in February. Out of those 116, 101 were residential sales, way down from the 133 there were same month last year.
The North Okanagan currently sits with 20 months of inventory - slightly less than 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2322 total listings, up again from the 2,133 total listings on the market in February. As a ratio, 5% of the inventory sold in March, which means 95% of what is on the market did NOT sell. This is the distinction between the "Sellers" and the "Tryers".
For March, the overall market was still slow. Even slower than 2010 which was painfully slow. For those that have heard the market is active in BC - please note they are talking about the Vancouver market which is substantially different than what the rest of the province (even Victoria) is experiencing.
Wrap Up:
Sellers: Inventory levels are rising once again as we near the Spring market. In order for our market to improve, sales must increase at a faster pace than inventory - which is clearly not happening at present. As I said above, 95% of people trying to sell right now are "Tryers". They are either out of the market totally, getting few showings and no offers, or in what we call "No Man's Land" where they experience showings but no offers. Either way means no sale. Buyers want excellent value and you need to price ahead of the market to be successful in a sale. Call us for graphs and details on this.
Buyers: What can I say - the deals are out there. You may want to buy one - or two! I know the only way you know we've reached the bottom of the market is once it's already passed. What are you waiting for?
If you are looking to buy or sell - call us now and we'll show you have we are worth far more than the commission we charge - and for you buyers out there - we're free already!
And remember - If you are moving ANYWHERE in the world - contact us ... We know the BEST Agents! There's always new information on our Blog! Plus tons of home selling and buying information available at www.FowlerLuxuryHomes.com!
Vernon/North Okanagan Market Update - February, 2011
The market is starting to get somewhat more active, which is a welcome change after the last year and a half. It appears that Spring is starting right on time in the Okanagan, in fact maybe even a little bit early. February numbers are lacklustre, but stay tuned for March...
North Okanagan overall statistics February:
* Total Units Listed: 364 new listings came on the market, down over 5% from February of last year but up significantly from last month (277). This is to be expected given we are heading into the Spring market.
* Total Units Sold: In February the North Okanagan achieved 91 sales, which is surprisingly down from last year (107 sales) but up from the 80 sales in January. Out of those 91, 77 were residential sales, a small decrease from 84 there were same month last year.
The North Okanagan currently sits with 23.5 months of inventory - still nearly 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2133 total listings, up slightly from the 2,002 total listings on the market in January. Once again, and I know I keep harping on this, but it is important - for a balanced market we still need to get back to 5-7 months of inventory. To put that into perspective, only 4.27% of the inventory sold in January, which means 95.7% - nearly 96% - of what is on the market did NOT sell.
For February, the overall market was painfully slow - even slower than last year which is abysmal. Make no mistake, we are still experiencing a buyer's market in the Okanagan, regardless of what is happening in Vancouver, Saskatchewan and Ontario. There is a ton to choose from and few sales. A sneak preview of March however brings a little bit more activity.
Wrap Up:
Buyers: There are some great deals to be had. New mortgage rules are now in effect, but if you are prepared, you should still be ready to proceed. As I mentioned before, there are some excellent foreclosure/distress deals to be had if you are prepared to take the risk. Rates are still incredibly low and it's still a Buyer's market - don't miss the bottom!
If you are looking to buy or sell - call us now and we'll show you have we are worth far more than the commission we charge - and for you buyers out there - we're free already!
Interested in buying an Investment Property but want to buy in the United States? Let us know and we can provide you with information on how to buy with the least amount of stress. We have done it ourselves and we can help!
And remember - If you are moving ANYWHERE in the world - contact us ... We know the BEST Agents!
There's always new information on our Blog! Plus tons of home selling and buying information available at www.FowlerLuxuryHomes.com!Cheers!
Gord Fowler
Vernon/North Okanagan Market Update - January, 2011
We are seeing rates increasing at the first part of this year in the wake of the new mortgage regulations. This caused a bit more activity in the real estate market than is usual for the first portion of the year, which was a refreshing change.
North Okanagan overall statistics January:
* Total Units Listed: 277 new listings came on the market, down 20% from January of last year but up significantly from last month (155). We are glad to see a decrease from last year at least and it is expected that more properties will come on the market at the first of the year versus the end of the previous.
* Total Units Sold: In January the North Okanagan had 80 sales, which is exactly even from last year and up a little from the 63 sales in December. Out of those 80, 66 were residential sales, a small decrease from 69 there were same month last year.
The North Okanagan currently sits with 25 months of inventory - still over 2 years to sell everything that is currently on the market, at the rate we are currently selling. We are now at 2002 total listings, up slightly from the 1,953 total listings on the market in December. Once again, for a balanced market we still need to get back to 5-7 months of inventory.
To put that into perspective, only 4% of the inventory sold in January, which means approximately 96% of what is on the market did NOT sell.
The overall market is still slow. It is still a buyer's market. We are seeing more and more properties flood on the market each day and we can only hope that sales improve accordingly, so that our months of inventory does not continue to rise to unmanageable proportions.
Wrap Up:
Sellers: Winter is nearly over. Waiting for what is considered the Spring market could be a mistake if inventory keeps climbing at this rate. Inventory is still manageable and real estate that is priced right is selling. Buyers who are looking right now, as I mentioned last month, are serious.
Buyers: There are still some excellent deals! If you have one of those lower rate approvals with the 35 year amortization you will want to take advantage of that ASAP as you may not get another chance for many a year. There are some excellent foreclosure/distress deals to be had if you are prepared to take the risk. And really - rates are still incredibly low. What are you waiting for?
If you are looking to buy or sell - call us now and we'll show you have we are worth far more than the commission we charge -and for you buyers out there - we're free already!
And remember - we have tons of home selling and buying information available at www.FowlerLuxuryHomes.com!
Sincerely,
Gord Fowler
The good news for 2010 ends on the note that listing inventory has come down slightly vs 2009. The bad news is sales overall in both Central and North Okanagan were down substantially for December - 35% Central Okanagan and 45% North Okanagan. Days to sell for December 2010 - Central Okanagan 137 days and North Okanagan 173.
Overall sales in both Central and Okanagan were down 7% in 2010 vs 2009. A large percentage of the sales for 2010 took place in the first 5 months of the year, with the back end of the year being pretty much dismal for sales volume.
Expectations are we will see a similar year in 2011 with buyers buying early with expectation that interest rates will start to move upward and sales dwindling for the back half of the year.
2010 MLS Total Sales, Listings, and Day to Sell statistics
| Central Okanagan | North Okanagan | |
| Units Listed |
11,869 | 4,687 |
| Units Sold | 3,644 | 1,497 |
| Days to Sell | 105 | 123 |
2010 Upper End and Luxury Property Sales for Central and North Okanagan
| Selling Price | Central Okanagan | North Okanagan |
| $500,000-$700,000 | 523 | 150 |
| $700,000 - $100,000 | 152 | 40 |
| $1,000,000 - $1,500,000 | 50 | 10 |
| $1,500,000+ | 48 | 4 |
We expect the upper end market will see improvement in 2011 as many sellers are realizing their expectations have to be adjusted on what they may receive for their home under our current market conditions. Sellers need to realize that upper end properties can take a very lengthy period of time to find a buyer to match their home.
For more information on this topic or to sign up for our Monthly Market update, Contact Us and we would be pleased to supply you with the information you desire.
North and Central Okanagan Luxury Real Estate Market Update
September was improved in the North Okanagan Central Okanagan was sluggish compared to previous months and September 2009.
North Okanagan
$500k to $750k Active Listings 292 - Sold 21 - Months of Inventory 13
$750k to $1.000.00k Active Listings 130 - Sold 4 - Months of Inventory 32
$1.000.00k to $1.500.00k Active Listings 72 - Sold 4 - Months of Inventory 18
$1.500.00k+ Active Listings 60 - Sold 2 - Months of Inventory 30
Central Okanagan
$500k to $750k Active Listings 720 - Sold 37 - Months of Inventory 19
$750k to $1,000,00 Active Listings 315 - Sold 6 - Months of Inventory 52
$1,000.00k to $1.500.00k Active Listings 192 - Sold 5 - Months of Inventory 38
$1.500.00k+ Active Listings 237 - Sold 2 - Months of Inventory 118
Market conditions for Luxury properties remains very competitive. Sales volume has been lower than expected. As you can see by the numbers, there remains a very high level of inventory.
Sellers need to be very aggressive in the Luxury market to attract attention. Recent reports by a number of bank analysts and the Canadian Real Estate Association believe the Canadian real estate market to be currently 15% to 30% over inflated. Buyers are watching closely and are prepared to buy with continual low interest rates available. Seller - you have a choice of being on one of three lists when you put your home on the market. (1) Active Listing ( 2) Expired Listing (3) Sold Listing. As you can see by the statistics, most of the listings are headed for the expired list. This does not have to be the case if you are hiring the right Listing agent with the marketing power to provide the exposure and who is not scared to recommend pricing the property ahead of the curve - i.e. at 2010 Fall pricing not at peak pricing of 2007 and 2008. This is a guaranteed trip to the Expired list with that kind of thinking!
North Okanagan Market Update - September, 2010
Total units Listed 296 down 10.57% from September 2009 there has been noticeably less inventory coming on the market the last 2 months.
Total Units Sold 134 down 28.72% from September 2009, with 69 of the 134 sales being residential sales. These 69 sales represent sales down 21.59% from September of last year.
Current total active listings are 2583- which is good news! Inventory is moving down the last few months, which is typical of the Fall/Winter season. The North Okanagan currently sits with 19.2 months of inventory which is heading in the right direction - it's still a ton, but is dropping. For a balanced market we still need to get back to 6-9 months of inventory.Days on market currently is 127 days to sell a well priced listing - this is compared to September 2009 at 150 days.
Sales to Inventory levels: residential for September was 9.29% - this means 90.71% of the properties on the market in the North Okanagan did not sell.The overall market improved for September, which gives us a glimmer of hope. With sales up and inventory dropping, this was good to see since June through August sales numbers were down sharply. We saw a number of price reductions late August and early September which seemed to spur more buyers into stepping into the market.
Sellers: the buyers are in the market! Make sure you price your home well to attract their interest. They will buy if they see value. The Canadian Real Estate Association and many analysts believe the Canadian real estate market is still over inflated 15% to 30%. Buyers are well educated and are not willing to waste their time on properties that they feel are overpriced.Buyers: there are some incredible buys coming onto the market - be prepared and have your financing all arranged in advance. We are seeing multiple offers on the best buys in the market, so don’t be left out because you have not planned your purchase.
Our opinion is Sellers and buyers should be using a highly experienced agent that works full time in the business and is doing transactions on a regular basis. Working with part time or inexperienced agents in this market could cost you thousands of dollars. Don’t be fooled- ask your agent to prove to you they have the experience and knowledge you need to help you make a good decision.Gord Fowler, Fowler Luxury Homes
For more info, Contact me.
Vernon BC Real Estate Market Update - August, 2010
We unfortunately did not see any light at the end of the tunnel in August, however we are seeing an almost city-wide series of price reductions on overpriced product. That is a good sign. With this being the fourth month in a row where sales have decreased relative to 2009, the market is finally adjusting to new levels.
Now Buyers are buying - a good deal is still a good deal, and more and more of them are popping up. Hopefully the activity on these homes will keep our market moving through the Fall and Winter months. Once again, if you are a buyer - excellent value out there right now. We can watch out for those great deals for you, just let us know what your criteria is and we'll do so! Click here and we'll get you started right away!
Sellers - prices have fallen. It's time to face reality. If you haven't already reduced - it's time. And if you have had no second showings and/or no offers - you need to reduce more. Get ahead of the market and you will sell - prices are soft and getting softer so don't delay!
North Okanagan overall statistics August:
* Total Units Listed: 326, down 9.44% from August, 2009.
* Total Units Sold: only 105, down 32.69% from last year. This number is flat from last month.
* Residential Sales only amounted to 54 out of that 105, again similar to last month. This is down 19.4% from August 2009.
The North Okanagan currently sits with 26 months of inventory with 2729 properties in total on the market - still over 2 years of properties currently on the market at this rate of sales. Inventory remains about the same as last month, with little noticeable change. We keep expecting to hit that 3000 property inventory level, but as yet we haven't yet crossed that dangerous peak, mostly due to properties expiring and being removed from the market.
Only 6.57% of the residential inventory sold in August, which means approximately 93.5%% of what is on the market did NOT sell. This means to a Seller - be sharp on your price or you will sit until the market comes back. Why not wait until the market comes back you say? You can! That is of course your choice - but note that a real estate cycle usually is in 7 year increments - and we are 2.5 years into this one. Are you OK to wait for another 4-5 years before prices bounce back? If so, then you are in a strong position and should be all means wait it out. However if you feel there may be a 'need' for you to sell (versus the 'want' you feel now), you will need to price your home at today's fair market value to ensure it sells now versus in 6 months. In 6 months, we expect prices to be lower than they are today.
Wrap Up:
The summer of 2010 has been a very disappointing one for Sellers. September has not started much better. However, when we look at the tremendous gains made over the boom times, many Sellers are in strong positions. For Buyers, it's a great time to buy. Rates are low, prices are down, choices are plentiful - and you'll know when a good deal comes up. They are obvious. We can help both Buyers and Sellers make their dreams a reality - in this market and any market! It's all in knowing how to move forward. We have the experience to help you make the best decisions whether you are buying OR selling.
$500k to $750k - Sold 11 - Active 358 - Months of Inventory - 32.5
$750k to $1,000,000 - Sold 3 - Active 162 - Months of Inventory - 54
$1,000,000 to $1,500,000 - Sold 1 - Active 85 - Months of Inventory - 85
$1,500,000+ - Sold 1 - Active - 56 - Months of Inventory - 56
Absorption levels are very poor the higher end market in both Central and North Okanagan are seeing a minimum of just under 2 years of inventory to a high of almost 7 years of product available for sale.
Call Gord today for your real market Okanagan home evaluation.
July, 2010 Market update
Some good news is that inventory has slowed we are not seing the volume of listings pouring on the market that we were earlier in the year.
Sellers need to have strong experienced representation when listing their home on the market today - you should be using an agent with an iron clad marketing approach who really understands numbers and market direction. To achive a succesfull home sale in these tough selling conditions.