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


Vernon BC and North Okanagan Real Estate Market Update - March 2014


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

We had a very promising month in March!  Could the real estate market in the North Okanagan actually be coming around?  I think so!  Good signs from lower inventory all the way to higher sales.  All these things are steps in the direction of recovery for our area.  Recovery always takes time and seems incredibly slow, however will be worth the wait.  

North Okanagan overall sales statistics March:

Total Units Listed:  We had quite a few more listings enter the market in March as opposed to February.   This is typical of our spring market when those Sellers who did not wish to move in the winter list their homes.  We had 363 new listings in March,  similar to the 275 new listings that entered the market in February.   Relative to 2013, this is a welcome decrease of 12.11%  year over year.    

Total Units Sold:  In March, the North Okanagan achieved 143 sales.  This number is up substantially from February when we experienced a disappointing 75 sales. We are right back on track, as January 2014 started off strong as well.  Also, year over year, we are up quite substantially from March 2013 when the market accomplished only 108 sales.  Out of these 143 sales,  132 were residential, as compared to the 97 residential sales experienced during the same month last year.  

The North Okanagan's inventory plummeted all the way down from 24.8 months in February, to 13.4 months in March.  These results are excellent and shows how quickly markets can change in terms of what is on the market at a given time.  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 1918 total listings, down considerably from the 2117 listings on the market in the North Okanagan during the same time period last year.  To put this into perspective, as a ratio, 6.88% of the inventory sold in March, which still means nearly 93.12% of what is on the market did NOT sell.   We expect this number to drop substantially in the coming months as sales improve.  

Wrap Up:

Sellers:   Sales were very good this past month, relatively speaking, and we have to be happy with our new found market buoyancy!  The market is definitely busier and we, as Realtors, find ourselves playing catch up daily with all the many inquiries coming in from buyers on our listings - which is exactly what we want!  If you price your home right in today's market, you likely will be rewarded with a sale.    

Buyers:  Interest rates went down again this past month, which was a bit of a shock.  However those who took advantage of getting either a mortgage, a refinance or a preapproval will win big in years to come.  Better rates mean lower monthly payments, which we all like!!  There are more properties on the market this month to choose from, however there is more competition in the market than there has been for a number of years.  Buyers - you want to ensure you have all your ducks in a row before viewing homes or writing offers - the financing process these days is not for the faint of heart, and you wane to be prepared, or you may end up losing your dream home in a multiple offer where all the other Buyer did was have a valid preapproval in place when you didn't.  It's difficult for buyers when looking through newspapers and Realtor.ca to sift through the properties that are no longer available or have offers.  If you would like to see all the available homes in one place, please visit our website and save some time and frustration:  Click here to View Thousands of Homes online in one place!

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 BC Real Estate


Vernon BC and North Okanagan Real Estate Market Update - February 2014


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

February, as usual, experienced a bit of a lull in the market.  However, as this market update is a little bit late - I have the luxury of knowing already that March is going to be a great month for real estate, certainly relative to this recent February history.  We do have many reasons for optimism despite this lack of good results.  Read on for more particulars....

North Okanagan overall sales statistics February:

Total Units Listed:  We had approximately the same number of listings enter the market in February as in January.  We had 275 new listings in February similar to the 295 new listings that entered the market in January (as you avid market watchers may recall, this was an abnormally large number for a January number).  Again, this is typical for the start of the year to have far more listings coming on the market than we ended the previous year with.  As a percentage, this is calculated as a 8.03% increase as compared to the same month in 2013.  

 

Total Units Sold:  In February, the North Okanagan achieved 75 sales. Down, surprisingly,  substantially from January when we experienced a most excellent 118 sales.  However, year over year, we are about even with February 2013 when the market accomplished only 80 sales. On a positive note, this is a mass increase from the 50 sales we saw in the market last February.   Out of these 75 sales,  66 were residential, as compared to the 72 residential sales experienced during the same month last year.  

The North Okanagan currently sits with 24.8 months of inventory, way up from the 14.9 months in January. These results are disappointing for sure, as these numbers have been steadily heading downward since last February. 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 1863 total listings, down considerably from the 2039 listings on the market in the North Okanagan during the same time period last year.  To put this into perspective, as a ratio, 3.54% of the inventory sold in February, which still means nearly 96.46% of what is on the market did NOT sell.   We expect this number to drop substantially in the coming months as sales improve.  

Wrap Up:

Sellers:   Although sales for last month were less than expected, confidence is up.  There are more people looking to buy and we have high hopes that more people will be buying as we head into our full fledged Spring market.  Once again though, there no indications that prices are up - just that it appears they have stopped their freefall.  There is still too much unsold inventory on the market, and not enough demand.  As we mentioned last month, Kelowna sales are still brisk, and are happily selling homes like crazy in the Central Okanagan.  If history repeats itself, and it usually does, our market will be following shortly....   

Buyers:  The good news for buyers this month is, as we head into the Spring market, there will be more selection of properties to choose from.  If you are actively looking to purchase a home, you have probably noticed that in some of the price ranges, especially around the average house price, the selection is quite low.  Now more than ever you will need to be working with a Realtor who will ensure you get access to the newest listings the quickest.  Our suggestion is always to ensure you are dealing with a reputable realtor with many, many contacts (both client contacts and realtor contacts) which can only come from working with a national franchise company.  

Click here to View Thousands of Homes online in one place!

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 BC Real Estate

Vernon BC and North Okanagan Real Estate Market Update - January 2014

 

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

January opened like a Lion!  However although interesting, the numbers are a bit deceiving.  It looks like our market has picked up like crazy - however when you look at the results closely, we see that one builder/realtor decided to post 24 listings and 24 sales from one of his companies to another. This skews our numbers somewhat, however we still had a much better start to 2014 than last year, so we are happy!   Read on for more info....

 

 North Okanagan overall sales statistics January:

Total Units Listed:  Tons of listings entered the market this month - also skewed by the 24 listings mentioned above that are on record for new listings as of January 1st, 2014.  Deducting those listings out of the equation, we still had 271 new listings in January, versus in  December, when we only had 114  new listings. This is typical for the start of the year to have far more listings than the end of the previous year.  This is also calculated as an adjusted 27% increase as compared to the same month in 2013.  

Total Units Sold:  In January, the North Okanagan achieved 118 sales, adjusted for the above mentioned non-arm's length sales, we really had 94 sales - still substantially from December 2013 ... almost 92%!!  This is also a mass increase from the 50 sales we saw in the market last January.   Out of these 118 sales, 61 were residential, as compared to the 44 residential sales experienced during the same month last year.  These numbers are also heading in the right direction.   

The North Okanagan currently sits with 14.9 months of inventory, increasing from the 15.4 months in December.  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 1763 total listings, down considerably from the 1963 listings on the market in the North Okanagan during the same time period last year.  To put this into perspective, as a ratio, 4.82% of the inventory sold in January, which still means nearly 95.18% of what is on the market did NOT sell.  

 

Wrap Up:

Sellers:   Sales are up!  Please note though - there are no indications that prices are up as well. There is still too much unsold inventory on the market, and not enough demand.  However, this is a massive step for the market and we are happy to see it - finally!  Kelowna sales are brisk, as are the major Alberta cities that tend to fuel our local economy.  This spillover should reach us this year.  We believe our broken market is on the mend and we are looking forward to positive results in 2014.    

Buyers:  Prices are still low, rates are still low and life is good for the North Okanagan real estate buyer!  The only caveat to this is that mortgage financing is tough and getting tougher.  Make sure you get a preapproval in place prior to even thinking about buying. There is no disappointment quite like the disappointment of not being able to buy that perfect home you took forever to find just because the bank decided not to finance your purchase or dragged their feet on your application long enough that that Sellers moved on to find another buyer.  If you are considering buying, please call us to discuss this very real issue for home buyers.  

Click here to View Thousands of Homes online in one place!

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 BC Real Estate

 

Vernon and North Okanagan Real Estate Market Update - Year End 2013
 
**This North Okanagan Market Update covers the areas of:  Vernon, Coldstream, Lumby, Falkland, Armstrong, Enderby
 
Happy New Year to all!  Hope everyone has a fabulous and successful 2014 filled with health and happiness.  This year our team goals are lofty and our plans are huge!  We hope to have you be part of our growth this year - we are excited about all the new possibilities, and are ready to take them all on!!  

 
North Okanagan overall statistics 2013:
 
Total Units Listed:  In 2013 the entire North Okanagan took a total of 3654 new listings, versus in 2012 when 4108 new listings entered the market. Overall 2013 saw declining inventory, which is as we have said - we need less product on the market to have any change to our declining pricing that we have been seeing since 2008.  This is a huge step in the right direction for our little market. For 10 out of 12 months, listings that came on the market decreased over 2012.  December was the biggest - strangely enough - with a 23.91% increase in listings coming on the market.  This seems to be an unusual blip with many of those listings coming from the commercial side.  We view December as an anomaly at this time. 

 
Total Units Sold:  In 2013, the North Okanagan achieved a total of 1555 sales for the year which is up from last year, although certainly not as much as we had hoped.  Yet a 6.43% increase is another healthy step in the right direction.  Out of these 1555 sales, 1397 were residential, as compared to the 1308 residential sales experienced during 2012.  8 months out of 12 in 2013 saw increased sales, while the other 4 months were decreases. These are still numbers that bring confidence to us as Realtors.  

 
Wrap Up:
Sellers:   It appears that house prices in the active price ranges stopped decreasing in 2013.  However in those high (and extremely low) price ranges, the market is still very soft.  Also in areas that are farther away from the major centers, those more rural areas, sales and prices are also soft.  We expect activity to continue to increase as we move closer to Spring. Once again, we note that surprisingly we did have 98 sales in December which is excellent!  Seasonal slowdown?  What seasonal slowdown?!  The advice remains the same for any market though - price your home right, hire a Realtor with the marketing to get it sold and the negotiation skills to get you the best price - and you will sell that home! 

 
Buyers:  Buyers obviously saw many opportunities to buy this year, as evidenced by the increased sales numbers.  There were more foreclosure sales in 2013 than we have seen for many years. Many of them however did sell for an increased price on court date, increasing the sales prices expected on some of these properties.  This is also proof that the market is improving.  Financing is also difficult with the new rules and regulations being imposed by the regulatory authorities and the financial institutions themselves. Do make sure you get a preapproval before moving forward to purchase as there are too many people being disappointed by the new approval rules.  You also want to lock in a rate in case interest rates increase - and they still have way more room up than they do down!  If you would like to get access to great deals including foreclosures and estate sales - Click here to arrange to set up a daily search for you of ALL the very best Okanagan deals.
Thank you once again to our past, present and future clients who have helped make 2013 another successful year for our team.  We can't tell you how much we appreciate your ongoing support.

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



Vernon and North Okanagan Real Estate Market Update - June 2013

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

The market has definitely picked up since last year, which is soooooo nice to see!  It has been a long time coming.  As the U.S. markets start to heat up, the probability of getting a deal in those sunshine states is pretty much nil.  Bidding wars abound and inventory is extremely tight - an incredible turnaround in what feels like overnight to our industry.  This is usually the way it happens, and gives us all hope for our local market!


North Okanagan overall statistics June:

Total Units Listed:  Far fewer listings entered the market in June (only 335 new listings) than in May (451 new listings).  What a decrease!  Over 25% month over month, and nearly 15% year over year. This is what we need to see in order to stop the free fall of prices that we have been seeing since late 2008.  This month has been our lowest in terms of new listings entering the market since the tail end of winter. 

Total Units Sold:  In June, the North Okanagan achieved 185 sales, which is up substantially from the same month last year (last year in June we experienced 150 sales).  This is an increase from May of 2013 with 165 sales.   Out of these 185 sales, 173 were residential, as compared to the 136 residential sales there were experienced during the same month last year.  These are excellent numbers and show signs of recovery.    

The North Okanagan currently sits with 13.1 months of inventory, the lowest we have seen for years.  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 2422 total listings, down considerably from the 2624 listings on the market in the North Okanagan during the same time period last year.  To put this into perspective, as a ratio, 7.14% of the inventory sold in June, which still means nearly 92.86% of what is on the market did NOT sell.  This seems like a lot - and it is - however with baby steps these numbers are improving.  

Wrap Up:

Sellers:   The prices range below $400,000 is still very active.  We are seeing many sales in this price range, and are still seeing lacklustre performance above $500,000.  Waterfront has been slow this summer, with only a few handfuls of sales so far this season. There is room for optimism, however I would caution Sellers to ensure their list prices are still at or close to market value, otherwise we are still seeing many homes sit unsold if their prices are not attractive enough to the buying public. 

Buyers:  Some great opportunities exist.  Even though inventory is down and rates are creeping up there is still time to get a fabulous buy.  There are still numerous foreclosure on the market if you are interested in contributing some sweat equity to your future (have a peek at www.OkanaganForeclosures.com).  If you have funds saved and are ready to purchase, just haven't found the right "steal" yet - I would suggest making a decision sooner than later.  We always know when we have hit the bottom of the market when we are already past it, and on our way back up.   

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!

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

Vernon and North Okanagan Real Estate Market Update - April 2013

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

We are still optimistic!  For a record two months in a row!

April numbers are on par with last year, which is OK as we can all feel the change in emotional climate.  Things are definitely changing.  For the better!  People are happy.  Well, maybe not happy, as many are still losing money on their homes and having to subsidize their sales, however there is definitely more confidence in the market this Spring.

 

North Okanagan overall statistics April:

Total Units Listed:  Once again, more listings entered the market in April (478  new listings) than in March (410 new listings).  These numbers are approximately the same as April of 2012 (up .21%).  This month will be one of our biggest in terms of new listings on the market, following the usual seasonal increase in the “perennials” (perennials are defined by Realtors as listings that come up year after year…after year….and never seem to sell). 

Total Units Sold:  In April,  the North Okanagan achieved 140 sales, which is up slightly from the same month last year (last year in April we experienced 136 sales).  This is an increase from March of 2013 with 108 sales.   Out of these 140 sales, 130 were residential, as compared to the 123 residential sales there were experienced during the same month last year.   

The North Okanagan currently sits with 16.6 months of inventory, thankfully down from the over 30 months we saw in December of last year and continuing into January and February of this year.  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 2329 total listings, down every so marginally from the 2366 listings on the market in the North Okanagan during the same time period last year.  To put this into perspective, as a ratio, 5.58% of the inventory sold in March, which still means nearly 94.42% of what is on the market did NOT sell.

Wrap Up:

Sellers:  In the price range of $200 - $300,000 the market is very, very active.  There is in fact a shortage of this sort of product on the market at this time.  $300 - $400,000 is also good, and above that is less so.  Above the half a million mark we are seeing very few sales.  Bear in mind that this is the way it is in real estate – the lower price ranges will always pick up first, just the same as the more urban areas will experience more sales than the rural areas.  How long this will go on is anybody’s guess.  However if you want to sell in any price range, you do need to be sharp on your list price.  

Buyers:  Still tons of opportunities for buyers out there in all price ranges.  We are still in a full blown buyer’s market.  With the fabulous interest rates being offered and the creative options such as rent to own, if you thought it wasn’t possible to get into your own home- think again!  This may be the time.  You have so much choice out there. 

For some lighthearted commentary from yours truly on all the many awesome reasons to buy a house, see our blog at: 100 Awesome Reasons to Buy a House

Check out our incredible new development, conveniently located to downtown and built in a trendy loft style at www.OkanaganBrownstones.com.

And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!

If you would like a FREE evaluation of your home's value, please click here: FREE home evaluation.  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


Vernon and North Okanagan Real Estate Market Update - March, 2013

  

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

Dare we be optimistic?! We think so!  Two multiple offers on two of our listings in the past week alone!

March came in like a lion, ended up a little bit lamb-ish, yet we remain confident and excited about the prospects for our Spring market.  Although sales did not reach March 2012 levels, we do though feel some optimism in the market that we have not experienced for some time.  As least that's what we think it must be - it's been so long we may have forgotten what it feels like!  We all look forward to the April results, to see if our predictions of higher sales post HST will in fact come to fruition.   

North Okanagan overall statistics March:

Total Units Listed:  Significantly more listings entered the market in March (410 new listings) than in February (298 new listings).  To put this into perspective, these numbers are down 10.48 from March of 2012. We continue to see fewer listings being introduced to the market this year over last.  We are consistently going in the right direction now for four months running! This is good news and will serve to begin to balance our Buyer's market we have been experiencing for some time.  
Total Units Sold:  In March,  the North Okanagan achieved 108 sales, which is down slightly from the same month last year (last year in March we experienced 125 sales).  This is an increase from March of 2013 with 80 sales.  This is the usual seasonal increase we expect to see in the North Okanagan, and not alarming to us by any means.  Out of these 108 sales,  97 were residential, as compared to the 114 residential sales there were experienced during the same month last year.   

The North Okanagan currently sits with 19.6 months of inventory, thankfully down from the over 30 months we saw in December of last year and continuing into January and February of this year.  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 2117 total listings, down from the 2199 listings on the market in the North Okanagan during the same time period last year.  To put this into perspective, as a ratio, 4.58% of the inventory sold in March, which still means nearly 95.42% of what is on the market did NOT sell.

Wrap Up:

Sellers:  Sales numbers are still rising.  We may still be behind last year, which was not a stellar year, however we have received two multiple offers within our team in the last week alone!  It goes to show, that if your home is priced well in today's market, it WILL sell, providing you have the right marketing behind you.     

Buyers:  Great rates - rent to own opportunities - foreclosures - choices of homes to buy - the fundamentals to buy a home are exceptional!  I know financing isn't easy these days, however it is not impossible.  We are working on a rent to own situation right now for some people who were unable to get their financing, but fell in love with a beautiful little house.  It is possible!  

For some lighthearted commentary from yours truly on all the many awesome reasons to buy a house, see our blog at: 100 Awesome Reasons to Buy a House

Check out our incredible new development, conveniently located to downtown and built in a trendy loft style at www.OkanaganBrownstones.com.

And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!

If you would like a FREE evaluation of your home's value, please click here: FREE home evaluation.  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



*******************

Vernon/North Okanagan Market Update - February, 2013

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

  

Two of our team members just returned from the 40th anniversary celebration for RE/MAX International at the MGM Grand in Las Vegas, Nevada.  Wow - what an experience that convention is!  Over 7000 RE/MAX realtors from all over the world - huge contingents from Argentina and Mexico were highlights.  It was a fabulous week of networking, education and RE/MAX sponsored concerts (Kenny Loggins AND Stevie Nicks!).  Once again, Gord Fowler and our team were presented with the prestigious RE/MAX Chairman’s Club award for sales excellence (and a really nice trophy!).  What a great way to propel us into the Spring market - thank you RE/MAX International for another spectacular event!

One thing that was very obvious when conversing with our neighbours to the South is how quickly and completely their market has shifted from a full fledged Buyer's market to a full fledged Seller's market.  It's amazing how quickly these shifts happen - it seems like overnight your whole world changes.  This is something both buyers and sellers in our local market will want to keep in mind - by the time we know we've hit the bottom, it is too late... it's already past.

North Okanagan overall statistics February:

Total Units Listed:  Significantly more listings entered the market in February (298 new listings) than in January (213 new listings).  However, to put this into perspective, these numbers are down 13.52% from February of 2012. It's nice to continue to finally see fewer listings being introduced to the market this year over last.  

Total Units Sold:  Sales results are very close to last year.  In February,  the North Okanagan achieved 80 sales, which is nearly even with the same month last year (last year in February we experienced 89 sales).  This is an increase from January of 2013 with 50 sales.  No surprise there, as we creep closer to Spring, we expect sales to increase.  Out of these 80 sales,  72 were residential, as compared to the 75 residential sales there were experienced during the same month last year.   

The North Okanagan currently sits with 25.5 months of inventory, thankfully down from the over 30 months we saw in December of last year and continuing into January of this year.  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 2039 total listings, almost the same as the 2056 listings on the market in the North Okanagan during the same time period last year.  To put this into perspective, as a ratio, 3.53% of the inventory sold in February, which still means nearly 96.47% of what is on the market did NOT sell.

Wrap Up:

Sellers:  Hang in there! Don't give up!  We are seeing sales numbers creep up - no staggering changes as yet, however we feel that as soon as the HST disappears on April 1, 2013, the gates will open up to some of the pent up demand from buyers waiting for the 12% HST to turn back, once again, into 5% GST only.  Did the HST really affect buyers?  No, not on used homes.  New homes yes, but not resale.  However, perception is reality and if the perception is that real estate will be 7% cheaper on April 1st - then that is what many buyers will make their home buying decisions based on.  It's just the way it is.  We do recommend Sellers get their homes on the market early in the season before all the "perennials" pop up (i.e. properties that come up for sale year... after year....after year) and the market is potentially flooded (again) with properties for sale.    

Buyers:  We know you're out there and you're either waiting for the HST to disappear (this doesn't affect you if you're buying a resale home - honest!) or you're from out of town and you're waiting for the weather to break. Or maybe you're just waiting for prices to go lower.  If you are buying and selling in the same market, prices are all relative, so none of these reasons apply to you.  However if you are waiting to purchase your first home - is waiting really the best move?  While you wait for prices to go down potentially another few percentage points, are you still paying rent?  Hundreds, or in some cases thousands of dollars, paying off someone else's mortgage?  And what if interest rates rise, or banks tighten up their qualifications even more than they already have - and then by the time you get around to buying, you can no longer afford it, or you no longer qualify for a mortgage?  There can be serious consequences to waiting for the perfect storm. Often it is more imperfect that the one you live in right now. 

For some lighthearted commentary from yours truly on all the many awesome reasons to buy a house, see our blog at:  100 Awesome Reasons to Buy a House

Check out our incredible new development, conveniently located to downtown and built in a trendy loft style at www.OkanaganBrownstones.com.

And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!

If you would like a FREE evaluation of your home's value, please click here: FREE home evaluation.  We would be happy to help!

Cheers!

Lisa, Gord, Chris, Brad, Glenn, Alex and Alexandra,
Salt Fowler Team, RE/MAX Vernon - specializing in North Okanagan and Vernon Real Estate

Vernon/North Okanagan Market Update - January, 2013


Three of our team members just returned from the 30th annual RE/MAX Western Canadian conference at the Telus Convention Center in Calgary!  We experienced balmy weather,  catching up with old RE/MAX friends mixed with meeting some fabulous new RE/MAX acquaintances and a metric tonne of new, cutting edge technology training as well as some fabulous motivational training.  We are also happy to report that our team was presented with the prestigious RE/MAX Chairman’s Club award for sales excellence – thank you RE/MAX for the recognition, thank you to our past clients for your confidence in us, and thank you to all our team members for putting forth such a great effort in such a challenging market.

And now – the reality - cooler temperatures, piles of snow accompanied a lacklustre start for real estate sales in the North Okanagan.  The number of listings has caught up with 2012 numbers, and we have a record low inventory turnover.  Details to follow:

North Okanagan overall statistics January:

Total Units Listed:  Significantly more listings entered the market than in December (92), with 213 total new listings joining the older inventory that was on the market from 2012.  However, to put this into perspective, these numbers are down 27.5% from January of 2012.  December faked us out, allowing us to visualize that we were actually gaining ground in the inventory department – however, January has brought us back to reality with a sharp slap to the head.   

Total Units Sold:  Sales numbers also were disappointing.  In January,  the North Okanagan achieved only 50 sales, which is down a considerable 31.51% from the same month last year (last year January we experienced 73 sales).  This is also surprisingly down from December of 2012 with 62 sales.  Out of these 50 sales,  45 were residential, as compared to the 64 residential sales there were experienced during the same month last year.   

The North Okanagan currently sits with a record 39.3 months of inventory, the highest I personally have ever seen.  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 1,963 total listings, almost the same as the 1946 listings on the market same time last year.  To put this into perspective, as a ratio, 2.29% of the inventory sold in January, which still means nearly 97.71% of what is on the market did NOT sell.

Wrap Up:
Sellers:  We are still hearing people say the market is picking up.  Some are actually expecting that prices, despite nearly 2000 listings on the market (Note – 800 properties is a full fledged buyer’s market....) and 97.71% of the inventory not selling.  I’m not sure who said what, however the facts are in the numbers which have been quoted above.  Maybe the market has stopped falling. I hope so.  However I honestly have no proof of that – certainly the statistics do not justify such a feeling.  Maybe it’s just hope speaking – and we all have to have hope sometimes!   If you need to sell, your home will sell.  Just maybe not for as much as you have been expecting.  We are finding reality is unfortunately much different than real estate heaven.

Buyers:  Record low prices – record high inventory – record low interest rates..... honestly, what are you waiting for?  I don’t even know what else to say, except you will kick yourself (hard!) if you have the means and are not jumping into the market.  If you are in the market to buy, call us and we will introduce you to all aspects of home buying.  We want to interview to be your Realtors!  We know we can help you find the near perfect home (experience has proven nothing is absolutely perfect!) for a great price.  

If you have a down payment and less than excellent credit - maybe there is a rent to own option for you?  If you have a problem, we can help you solve it - call us today!!  Check out our incredible new development, conveniently located to downtown and built in a trendy loft style at www.OkanaganBrownstones.com.

And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!

If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

Cheers!

Lisa, Gord, Chris, Brad, Glenn, Alex and Alexandra

Vernon/North Okanagan Market Update - December, 2012

Happy New Year!  We wish all our clients - past, present and future - a fabulous and peaceful 2013!  We also want to thank all our clients for making it possible for our team to be in the RE/MAX Western Canada Top 100 for 2012 - thank you, thank you, thank you!!

The year end stats are in, and December ended like a lamb.  Hopefully 2013 will open like a lion!  Although sales in December were down relative to 2012, we are somewhat encouraged by fewer listings coming on the market. 

North Okanagan overall statistics December:

Total Units Listed:  A mere 92 total new listings came on the market in December, down an outstanding 28.68% from December of last year, and also way down from last month (209).  This is a very important trend for us to see in the market.  We didn't gain much ground in November, however October and December showed far less inventory growth than previous months in 2012. 

Total Units Sold
: However, sales numbers were disappointing.  In December the North Okanagan achieved only 62 sales, which is down a considerable 21.52% from the same month last year (last year December had 79 sales).  This is also down from November of this year with 108 sales.  We do expect December sales to be lower than November, due to the holidays.  Out of these 62 sales, 59 were residential, as compared to the 69 residential sales there were experienced during the same month last year.   

The North Okanagan currently sits with 30.5 months of inventory, the highest we have seen in a long time.  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 1,889 total listings, almost even the 1,850 listings on the market same time last year.  To put this into perspective, as a ratio, 2.65% of the inventory sold in December, which still means nearly 97.35% of what is on the market did NOT sell.


Wrap Up:

Sellers:  We have heard rumblings the last month about the market going up.  Really?  Here is the reality:  Inventory numbers are about the same as last year.  We do need inventory to decline significantly for prices to go up.  There is currently over 2.5 years of inventory on the market, selling at the rate of sales for December of 2012!  There is no possible way this market can recover without inventory dropping substantially and/or sales increasing substantially.  It's simple economics.  However - the light at the end of the tunnel is - it looks like the pricing freefall is behind us.  That does not however mean prices are going up.  Usually prices bump along the bottom for quite some time before they start to rise. 

Buyers
:  As I said above, we believe the market has stopped its freefall.  If you have been sitting on the fence, now may be the time to start thinking about jumping off before you miss the very best deals. 2.99% for a 5 year mortgage is incredible!! There are some great deals out there, you don't want to miss the best ones!  If you would like a free, no obligation analysis of your ability to purchase, please Contact Us and we can help you - it's all part of our service.

If you have a down payment and less than excellent credit - maybe there is a rent to own option for you?  If you have a problem, we can help you solve it - call us today!!


And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!


If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

There's always new information on our Blog!  Plus tons of home selling and buying information available at www.SaltFowler.com!

Cheers!


Lisa, Gord, Chris, Brad, Glenn, Alex and Alexandra

Vernon/North Okanagan Market Update - October, 2012

The Salt Fowler Team annual Pumpkin Fest was another great success! Hot dogs were gobbled up, free pumpkins were taken home to carve and funds were raised to support the Children's Miracle Network.  Thanks to all our valued past clients for making the day another fabulous one!

Relative to 2011, October's real estate sales results were encouraging.  Sales numbers were up from last October and also from last month.  The market has hung in like our weather, and we are hoping to continue to see these healthy numbers last into November.  What a refreshing change that would be!!

North Okanagan overall statistics October:

Total Units Listed:  Only 254 total new listings came on the market in October, down an outstanding 21.36% from October of last year, and also down from last month (308).  This is critical for our market for prices to stop their freefall  - we need less inventory on the market.  A slowdown, such as this,  in the number of properties being listed each month is where it all starts. 

Total Units Sold
: In October the North Okanagan achieved 135 sales, which is up a considerable 26.17% from the same month last year (last year October had a mere 107 sales).  This is also surprisingly up from September of this year with 125 sales.  Usually we would expect October sales to be less than September due to seasonal decline.  Out of these 135 sales, 122 were residential, as compared to the 96 residential sales there were experienced during the same month last year.   

The North Okanagan currently sits with 17.1 months of inventory, down from last month. 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 2,306 total listings, down a bit from the 2,390 listings on the market same time last year.  To put this into perspective, as a ratio, 5.29% of the inventory sold in October, which still means nearly 94.71% of what is on the market did NOT sell.

Although our market isn't out of the woods yet, it appears we are heading in the right direction. 


Wrap Up:

Sellers:  Inventory has come down slightly, which is a good thing.  As outlined above, we need inventory to decline in order to create stability in prices.  Likely those numbers will continue to decline as Sellers remove their homes for sale over the winter months.  However - please know that listing a home over the holidays can be a great strategy for selling!  Click here to See our blog post for more information.   

Buyers
:  The market is starting to change, and if you have been sitting on the fence, now may be the time to start thinking about jumping off before you miss the very best deals.  The Kelowna market has been heating up quite dramatically, and our North Okanagan market follows by about 6 months.  So be prepared!  If you would like a free, no obligation analysis of your ability to purchase, please Contact Us and we can help you - it's all part of our service.

If you have a down payment and less than excellent credit - maybe there is a rent to own option for you?  If you have a problem, we can help you solve it - call us today!!


And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!


If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

There's always new information on our Blog!  Plus tons of home selling and buying information available at www.SaltFowler.com!

Cheers!


Lisa, Gord, Chris, Brad, Glenn, Alex, Quinn and Alexandra

Vernon/North Okanagan Market Update - September, 2012

September results were a little less exciting sales-wise than August.  Sales numbers were approximately the same as 2011 and we experienced most of those sales in the lower end to mid range priced product.  We are starting to see some mulitiple offers again - in fact our team has seen 4 this past month alone!   Always a good sign for Sellers!

North Okanagan overall statistics September:

Total Units Listed:  308 total new listings came on the market in September, down 6.49% from September of last year, and also down from last month (322).  This is typical - as we close in on the end of the summer season, many sellers decide they don't want to move in the winter and wait until Spring to relist or list their homes.  

Total Units Sold
: In September the North Okanagan achieved 125 sales, which is up a marginal 1.63% from the same month last year (last year September had 123 sales).  This is down quite significantly from August of this year with 149 sales.  Out of these 125 sales, a full 113 were residential, as compared to the 108 residential sales there were experienced during the same month last year.   

The North Okanagan currently sits with 20 months of inventory, up once again from last month. 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 2,501 total listings, down a bit from the 2,574 listings on the market same time last year.  To put this into perspective, as a ratio, 4.52% of the inventory sold in September, which still means nearly 95.48% of what is on the market did NOT sell.

Wrap Up:

Sellers:  Inventory is still fairly constant.  We hope to see levels decline over the winter somewhat, as typically sales decrease.  In order for the market to hold it's own, we need to see the inventory ratio calculated move in the right direction - lower.  The market is incredibly competitive for Sellers yet buyers are out there.  Buyers are buying value.  If your home is not considered value, you will not see results.      

Buyers
:  Many choices and good buys, however multiple offers are happenign again, at least with our listings.  You want to ensure you are on top of the market and on top of the new listings as they come available - the best ones are selling fast!  There are still many foreclosures and distress sales that are offering great value (www.OkanaganForeclosures.com). 

If you have a down payment and less than excellent credit - maybe there is a rent to own option for you?  If you have a problem, we can help you solve it - call us today!!


And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!


If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

There's always new information on our Blog!  Plus tons of home selling and buying information available at www.SaltFowler.com!

Cheers!


Lisa, Gord, Chris, Brad, Glenn, Alex, Quinn and Alexandra

Vernon/North Okanagan Market Update - August, 2012

It's encouraging to see another month of increased activity!  This past month activity increased yet again, although we can't say at this point that prices have followed suit, especially given such high inventory levels.  However, we are happy to see improving sales! 

North Okanagan overall statistics August:

Total Units Listed:  322 total new listings came on the market in August, down by just over 14.81% from August of last year, and also down from last month (379).  This isn't much of a surprise, and follows our usual seasonal patterns here in the Okanagan.  Our prime listing season has passed as we head toward .... winter (sorry, I had to say it!).

Total Units Sold
: In August the North Okanagan achieved 149 sales, which is up 21.4% from the same month last year (last year August had 123 sales).  This is almost identical from July of this year with 148 sales.  Out of these 149 sales, a full 135 were residential, as compared to the 103 residential sales there were experienced during the same month last year.   

The North Okanagan currently sits with 17.7 months of inventory, down marginally from last month. 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 2,638 total listings, up from the 2,672 listings on the market same time last year.  To put this into perspective, as a ratio, 5.12% of the inventory sold in August, which still means nearly 94.88% of what is on the market did NOT sell.

Wrap Up:

Sellers:  Inventory is remaining relatively constant.  We hope to see levels decline, however it has not happened as of yet.  The market is hugely competitive for Sellers - overpricing your home will NOT reap results for you.  Ensure you have a sharp listing price, recommended by a professional, full time Realtor who is in touch with the marketplace.  

Buyers
:  Still tons of choices for you buyers out there and its still a fabulous time to buy.  So many opportunities!!  Many, many foreclosures and distress sales that are offering excellent value for the smart buyer's dollar (www.OkanaganForeclosures.com).  Although banks are tight with their lending policies, interest rates are still historically lower than they have ever been.  What are you waiting for?!

If you have a down payment and less than excellent credit - maybe there is a rent to own option for you?  If you have a problem, we can help you solve it - call us today!!


And remember - If you are moving ANYWHERE in the world - contact us ...  We know the BEST Agents!


If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

There's always new information on our Blog!  Plus tons of home selling and buying information available at www.SaltFowler.com!

Cheers!


Lisa, Gord, Chris, Brad, Glenn, Alex, Quinn and soon to include Alexandra

Vernon/North Okanagan Market Update - June, 2012

We are now at a record breaking (well, a record for the last 3 years anyhow!) three months in a row with more activity year over year.  This is certainly good news for our market, although unfortunately inventory is not going down like we had hoped.  However, we will focus on the positives and hope you enjoy the following info....

North Okanagan overall statistics June:

Total Units Listed:  449 total new listings came on the market in June, up significantly by just over 10.32% from June of last year however down from last month (522).   Ideally we want to see less inventory on the market, however this does give the opportunity for buyers to have a nice selection of homes to purchase!

Total Units Sold
: In June the North Okanagan achieved 150 sales, which is up 8.7%  from the same month last year (last year June had 138 sales).  This is unfortunately down from May with 160 sales.  Out of these 150 sales, a full 136 were residential, as compared to the 127 residential sales there were experienced during the same month last year.  Although sales were down over last month, it is comforting to see a year over year increase. 

The North Okanagan currently sits with 17.49 months of inventory, which, although up from last month (not what we want to see), it is still a long way down from the nearly 24 months of inventory we have been seeing in previous months.  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 2,624 total listings, down marginally from the 2,620 listings on the market same time last year.  To put this into perspective, as a ratio, 5.7% of the inventory sold in June, which still means nearly 94.3% of what is on the market did NOT sell.  In May our ratio was over 6%, but we slid a little bit this past month.

Wrap Up:

Sellers:  I can't say it enough - in this very competitive market, if your Realtor is doing their job and promoting your home effectively, then it all comes back to price.  You must be priced well in this market to be noticed, to be shown and to be sold.  With activity up year over year, it is a great opportunity for those of you who want to take advantage of selling in this market to purchase in this market. After all, it's all relative.  In fact, it's a great time to "buy up" and move up, as the percentages definitely work in your favour. 

Buyers
:  Great values are everywhere!!  If you are thinking of getting into the market, now may be the time.  Great prices, fabulous interest rates and houses everywhere to choose from!  Lower prices, the best interest rates EVER and tons of selection.  It's the perfect storm!  Even if you feel you won't qualify under the new mortgage rules, call us.  Let's talk about making a plan to purchase in the not-too-distant future.  I'm sure we can help!!

If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for all sorts of information on how you can buy for less in today's market at low interest rates. 

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.SaltFowler.com!

Cheers!


Lisa, Gord, Chris, Brad, Glenn, Alex and Quinn

Vernon/North Okanagan Market Update - May, 2012

Wow, two months in a row with more activity!!  It's a miracle!!  :)  This is more great news for Sellers (and Realtors)!  I know many of you now think this is the moment we've been waiting for - prices are going up!  However please note, these things are mutually exclusive.  Activity is increasing - it is a beautiful thing - but prices are most definitely not rising.  Read on to learn why.....  

North Okanagan overall statistics May:

Total Units Listed:  522 total new listings came on the market in May, up significantly by just over 13% from April of last year and also up significantly from last month (466).  Quite a bit more inventory coming on the market right now which makes for a nice selection for buyers in most price ranges. 

Total Units Sold
: In May the North Okanagan achieved 160 sales, which is way up, 25% in fact, from the same month last year (last year May had 128 sales).  This is also up again from April with 125 sales.  Out of these 160 sales, a full 150 were residential, as compared to the 123 residential sales there were experienced during the same month last year.  Great activity, relatively speaking!

The North Okanagan currently sits with 16 months of inventory, which is a long way down from the nearly 24 months of inventory we have been seeing in previous months.  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 2,567 total listings, down marginally from the 2,623 listings on the market same time last year.  To put this into perspective, as a ratio, 6.2% of the inventory sold in May, which still means nearly 93.8% of what is on the market did NOT sell.  That seems like a lot, however we haven't seen over 6% in ages, so we are very pleased.

Wrap Up:

Sellers:  The news is good for you Sellers, as your home had a better chance of selling in May than it did in April, and a better chance of selling so far this year versus last year.  That's great news in fact!  However, please note - prices are not going up.  We still have over 2500 properties on the market.  A balanced market is defined as 700 properties, and a Seller's market is less than 500.  A far cry from where we are today, however we are happy with the baby steps we are taking towards recovery.  If you are buying and selling in the same market, remember it is all relative - sell low and buy low!

Buyers
:  Lower prices, the best interest rates EVER and lots of selection.  It's a buyer's dream.  What else can I say?  Once again, if you have a small downpayment and a good job but can't get financing at this point, please see our new program at www.RentToOwnVernon.com.  We have partnered with a very reasonable program that is a win-win for everyone over the long run.  Please see our website above or contact us for more details. 

If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for all sorts of information on how you can buy for less in today's market at low interest rates. 

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.SaltFowler.com!

Cheers!


Lisa, Gord and the Salt Fowler Team

Vernon/North Okanagan Market Update - April, 2012

Yes, the activity in the market is picking up.  This is great news for Sellers and Realtors!  Although it does not however mean that prices are going to skyrocket as we still have too much inventory and too few sales to absorb what is already on the market, it at least gives us hope after a long struggle since the downward spiral since the real estate pinnacle of 2008.    

North Okanagan overall statistics April:

Total Units Listed:  466 total new listings came on the market in April, down just over 2% from April of last year but up significantly from last month (388). This is our seasonal increase in listings coming on the market - many of these we call "Perennials" - they come up every year... year after year after year....!!

Total Units Sold
: In April the North Okanagan achieved 136 sales, which is way up, 29.52% in fact, from the same month last year (last year April had 105 sales).  This is also up, as expected, from March which totalled 125 sales.  Out of these 136 sales, 123 were residential, as compared to the 97 residential sales there were experienced during the same month last year.  All in all, results are good!

The North Okanagan currently sits with 17.4 months of inventory, which is a long way down from the nearly 24 months of inventory we have been seeing in previous months.  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 2,366 total listings, down slightly from the 2,483 listings on the market same time last year.  To put this into perspective, as a ratio, 5.7% of the inventory sold in April, which still means nearly 94.3% of what is on the market did NOT sell.  Still not a great ratio result, but certainly heading in the right direction.

Wrap Up:

Sellers:  Yes, activity is up.  No, prices are not.  There is still far too much inventory to absorb for prices to even think of going up.  Homes are still selling for substantially lower, in many cases, than where they first listed 1,2, and 3 years ago.  But at least we are seeing activity, sales are up, and we are moving in the right direction.    But Sellers - to sell, you really must price your home appropriately relative to today's market (not relative to 2008, 2009, 2010, or even 2011, 2007 or 2006!) or it will simply sit there on the market with no action, or some action and no offers.  If you are serious about selling, be serious about your price. 

Buyers
:  Some excellent deals are out there!!  Maybe you aren't quite in a position to buy, but wish you were - if this is you, please see our new program at www.RentToOwnVernon.com.  We have partnered with a very reasonable program that is a win-win for everyone over the long run.  Please see our website above or contact us for more details.  With interest rates low and prices down, it's a great time to buy!

If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for all sorts of information on how you can buy for less in today's market at low interest rates. 

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.SaltFowler.com!

Vernon/North Okanagan Market Update - February, 2012

Although the statistics for the month of February don't show great strength, there is definitely more optimism felt in general than was felt in 2011.  Yes, property prices are down.  Yes, the world economy is tumultuous.  Yes, prices are still lower in Phoenix.  But - there are still many reasons to have hope.  The government has allowed HST relief for new home buyers.  The government also announced a first time buyer rebate for new homes.  And inventory is drastically reduced in Phoenix, putting pressure in prices in some areas.  And let's face it - the Okanagan is still a very desirable place to live!

North Okanagan overall statistics February:

Total Units Listed:  292 new listings came on the market in February, down 6% from February of last year but up significantly from last month (292). This is not unusual as we edge toward Spring. 

Total Units Sold
: In February the North Okanagan achieved only 88 sales, which is down 7.37% from the same month last year (last year February had 95 sales).  This is up, as expected from January which had 73 sales.  Out of these 88 sales, 74 were residential sales, as compared to the 82 residential sales there were during the same month last year.  All in all, results are flat year over year.

The North Okanagan currently sits with 23.4 months of inventory - now over 2 years to sell everything that is currently on the market, at the rate we are currently selling.  We are now at 2,057 total listings, down slightly from the 2,127 listings on the market same time last year.  To put this into perspective, as a ratio, 4.3% of the inventory sold again in February, which means nearly 95.7% of what is on the market did NOT sell. 

Wrap Up:

Sellers:  Sorry - we still don't expect prices to increase in 2012.  In fact we have seen many homes sell in the first 2 months of this year at significant price reductions from their original list prices.  However - they ARE selling.  Last year, it seemed like nothing was selling.  This year, places seem to be selling, albeit at a lower price.  Our experience is that most Sellers are accepting the fact that prices are down  - in some cases reduced 25-30% - from the peak or 2007/2008.  Be sharp on your pricing to be competitive!

Buyers
:  There are some fabulous deals in the marketplace right now.  If you are prepared to take the risk, there are some good deals in foreclosures (see www.OkanaganForeclosures.com), as well as some "must sell" sellers.  Plus there are some just plain good buys!  Our team personally saw a multiple offer situation just last week, on a property that had just been reduced.  Even in this market, you have to act fast to find the best deals.  Contact us to help you find those deals - many times before other Realtors even know about them!  Plus interest rates are low - what can you lose?  

If you would like a FREE evaluation of your home's value, please click here.  We would be happy to help!

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for all sorts of information on how you can buy for less in today's market at low interest rates. 

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.SaltFowler.com!

Cheers!


Lisa, Gord and the Salt Fowler Team

Vernon/North Okanagan Market Update - January, 2012

The start of a New Year!  Thankfully we can leave 2011 behind us and look forward with new hope for a prosperous - or at least more balanced - real estate market for 2012! 

North Okanagan overall statistics January:

Total Units Listed:  292 new listings came on the market in January, about the same as January of last year but up significantly from last month (129). This is a usual increase that is expected at the start of each year.  Similar number of new listings to last year, although luckily a little more sales activity as we will see next.  

Total Units Sold
: In January the North Okanagan achieved only 73 sales, which is down 8.75% from the same month last year (last year January had 80 sales).  This is also down, as expected for seasonal decline, from the 95 sales in November of this year. Out of these 73 sales, 64 were residential sales, as compared to the 66 residential sales there were during the same month last year.  All in all, results are flat year over year.

The North Okanagan currently sits with 26.6 months of inventory - now over 2 years to sell everything that is currently on the market, at the rate we are currently selling.  We are now at 1,946 total listings, down slightly from the 1,996 listings on the market same time last year.  To put this into perspective, as a ratio, 3.75% of the inventory sold again in January, which means nearly 96.2% of what is on the market did NOT sell.  This ratio is the lowest we have seen in many months.

Wrap Up:

Sellers:  We still don't expect prices to increase in 2012.  Given real estate usually move in 7 year cycles, and we are now 4 years into this downturn, the best we can hope for is pricing to bump along the bottom for a while.  And if that is what we get - we can be very happy as this is a great improvement!  Yes, you still must price your property sharply and at market value to get interest - however there IS interest out there and buyers are scooping up the best deals.     

Buyers
: There are some great deals out there!  There are quite a few "must sells" that are happy to give a good deal to a cash buyer.  Mortgage rates are unbelievably low, although mortgages aren't easy to get.  My advice is make sure you have a concrete preapproval before you even walk out the door to look at homes - you don't want to get yourself all excited about something they won't allow you a mortgage for.  Believe me, it will make your purchase infinitely more difficult!  5 year mortgage rates just went down to 2.99% - the lowest EVER.   That is an amazing rate!  To find out if you can qualify for a mortgage, and for how much, please click here to contact one of our recommended mortgage specialists.

If you would like some free advice on how to get your home ready for showings, click here for our home staging tips. 

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for all sorts of information on how you can buy for less in today's market at low interest rates. 

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

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.

If you would like some free advice on how to get your home ready for showings, click here for our home staging tips. 

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for information on how you can buy for less in today's market at low interest rates. 

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

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 see our blog for 11 Reasons to List Your Vernon BC Home During 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. 

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for information on how you can buy for less in today's market at low interest rates. 

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!  

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. 

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for information on how you can buy for less in today's market at low interest rates. 

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

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. 

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for information on how you can buy for less in today's market at low interest rates. 

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

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:

Sellers:  Inventory levels remain very high.  Price reductions are rampant and commonplace.  Those that don't reduce are getting left behind to follow the market down or to remain at the same price with few showings, if any, and no offers.  The newest listings are being viewed and sometimes sold if the value is excellent.  Still, only the best values are selling.  There is still a ton of competition. 

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. 

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for information on how you can buy for less in today's market at low interest rates. 

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

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:

Sellers:  Inventory levels are very high and we are seeing many price reductions as many Sellers lower their prices trying to find where the market currently is.  Only the best values are selling, and even many of those are sitting with few showings and fewer offers.  Sadly our Alberta neighbours who loved to buy up our seasonal and pre-retirement homes are still staying away.  We see sales primarily to local buyers with limited funds.  There is still a ton of competition. Prices have come down and are still coming down.  

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.  

Interested in learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for information on how you can buy for less in today's market at low interest rates.  

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

Vernon/North Okanagan Market Update - June, 2011

June is normally lacklustre due to this one fact - people's lives revolve around their children, and when their children are getting out of school - nothing else matters.  This June was no different, we experienced a month with approximately the same number of sales as last year, down by only 5%.  We are now full swing into summer, and hoping for some buyers to now focus on buying! 

This is the time of year that we prepare all of our listings to take advantage of that summer market.  There is usually a nice increase in sales during the summer months, and those homes that are the best value are the ones who will attract those buyers. 

North Okanagan overall statistics June:

* Total Units Listed:  408 new listings came on the market, down 15.21% from May of last year and down from last month (463).  Inventory continues to build, although once again at a slightly slower pace than last year.       

* Total Units Sold
: In June the North Okanagan achieved 131 sales, which is down 5.07% from same month last year (last year June had 138 sales), but up from the meagre 123 sales in May of this year. Out of these 131 sales, 120 were residential sales, way up from the 111 there were same month last year.  

The North Okanagan currently sits with 20 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 2632 total listings, down from the 2,813 total listings on the market same time last year. This is a very good sign, and we are hoping we are heading towards some stability. As a ratio, 5.2% of the inventory sold in June, which means 96.8% of what is on the market did NOT sell.  These numbers clearly support our continued full fledged Buyers Market scenario. 

For June, the overall market was still slow, but we are taking comfort in inventory not being driven up substantially, as it was this time last year.     

Wrap Up:

Sellers:  Inventory levels are still high although appearing to stabilize somewhat.  You still must be the best value in order to sell.  There is a ton of competition. Prices have come down and are still coming down.  Reducing your price is not a failure and people do not think there is something wrong with your house - the reality is the market is just not there for the prices Sellers are currently asking.  If you reduce, you stand a chance of selling.  If not, you risk becoming yet another perennial - a Seller who lists every Spring but never sells because their list price is always too high for the market.       

Buyers
: Do you know you can buy a one bedroom condo for $74,900??  Or a adult gated community unit for $269,900?  Or a two bedroom apartment for $104,900?  These prices were unheard of during the boom, but they are reality right now.  Call us and we'll introduce you to the best buys in today's market.  Or visit our website by clicking here and letting us know what YOU want - then we'll tell you what are the best buys in your desired location and price range.  Buy low, sell high! 

iIf 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 learning about all the many incentives that are out there right now for first time buyers?  Check out www.VernonFirstTimers.com for information on how you can buy for less in today's market at low interest rates.  

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team


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!  There are many positive reasons to buy in the Vernon real estate market, and for those of you who joined our First Time Buyers Seminar, you found out why.  For more details on the benefits of buying real estate now in the Okanagan, please feel free to email or call.

Although the market sales are down, the Salt 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:

Sellers:  Inventory levels are still high. To sell in today's market, you must be the best value.  There is a ton of competition, and prices have come down.  If you are serious about selling, you must get serious about pricing your home not just competitively but aggressively in your price range.  There are 2629 properties on the market - for a Sellers market, you need 300 properties or less for sale.  This clearly illustrates how far we are from a Sellers market.      

Buyers
: As per our First Time Buyer Seminar on Thursday night, 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 getting into the market for the first time please visit our website for videos on some incredible buyer incentives currently being offered:  First Timer Tips.

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team


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 please visit our website for videos on some incredible buyer incentives currently being offered:  First Timer Tips.

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

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! 

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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team


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:

Sellers:  Inventory levels are proving that we are nearly into the Spring market.  2133 listings in the North Okanagan alone is a ton of inventory however the good deals still sell quickly.  If you want to list your property, now is the time to beat the huge rush that will come in April and May.  And Buyers who are looking right now are serious - otherwise why would they bother to go outside?! 

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 (see our Foreclosure tips).   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?  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.SaltTeam.ca!

Cheers!


Lisa and the Salt Team


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 (see our Foreclosure tips).   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! 

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt, become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX  Vernon)!  Also, check out our housing videos (and home staging tips) on our Youtube channel at www.youtube.com/lisalt001.

Please check out our website's revised look.  Tons of home selling and buying information available at www.SaltTeam.ca!

Cheers!


Lisa and the Salt Team


Vernon/North Okanagan Market Update - December, 2010

Rates are fluctuating and it is creating some interesting scenarios for the future of real estate markets far and wide.  Where will they end up?  Nobody knows, but what we do know - is there is more room up than down.  There are some great buys out there and we believe if you wait - you may be sorry you did.

North Okanagan overall statistics December:

* Total Units Listed:  155 new listings came on the market, down 14.84% from last year and down significantly from last month.  This is good news - we need to shed some inventory to gain some much needed stability in the market. 

* Total Units Sold
: Only 63 sales, which is down a substantial 45.69% from last year and down from 108 sales in October.  Out of those 63, 50 were residential sales, a 46.81% decrease from last year.  

The North Okanagan currently sits with a staggering 31 months of inventory - well over 2 years to sell everything we currently have on the market, at the rate we are currently selling.  However, at the end of December, there were 1,953 listings on the market, which is far less than we have seen all year.  With sales down so far, this has pushed the months of inventory up yet again.  As I have mentioned previously, for a balanced market we still need to get back to 5-7 months of inventory.

Only 3.2% of the inventory sold in December, which means approximately 96.8% of what is on the market did NOT sell. Ouch.

The overall market is slow, there is no question.  63 sales doesn't make much of a dent in our inventory, and more properties are coming on the market every day.  Luckily many of those homes which expired unsold have remained off the marketing, bringing our total inventory down... for now. 

Wrap Up:

Sellers:  Winter is a great time to sell, even though you may not think so.  Yes, sales are down but inventory is down as well.  And the buyers who are looking are serious.  Why else would they be trudging around in the snow and minus 3 degrees??  Oh yes, they want to buy a house, you better believe it!  Right now, you have a way better chance of it being yours than by waiting until Spring. 

Buyers
: There are some excellent deals right now.  Over 90 foreclosure properties in the North Okanagan alone.  There are some good deals to be had if you are prepared to take the risk (see our Foreclosure tips).   Rates are still low - don't miss your opportunity to buy!

We believe that now more than ever it is important for Buyers and Sellers to hire experienced agents.  With the new Competition Bureau and CREA agreement, there are going to be more and more minimum service agents everywhere - but if you are serious about getting a great buy on a home or a great price when you sell, it only makes sense to hire someone who is going to do the job, and do it right.  Call us 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! 

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt, become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX  Vernon)!  Also, check out our housing videos (and home staging tips) on our Youtube channel at www.youtube.com/lisalt001.

We hope you enjoy our website's new look.  More information available on our home page at www.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

Vernon/North Okanagan Market Update - October, 2010

Rates went up, then down, then up .... and as confusing as it is to try to time the market, it is still an excellent time to buy!  There are some great buys out there!  Inventory dropped again this past month, and even though sales have dropped off, we do see the inventory drop as a positive sign. 

North Okanagan overall statistics October:

* Total Units Listed:  364 listings, up 23.81% from last month.  We were getting hopeful as the number of listings coming on the market fell the two previous months - but is unfortunately up again this month. 

* Total Units Sold
: only 108 sales, which is down 30.77% from last year and down from 134 sales last month.  Out of those 108, 46 were residential sales, a 36.99% decrease from last year.    

The North Okanagan currently sits with 22.4 months of inventory which is now going back in the wrong direction.  However, there are currently 2,421 listings on the market now which is less than September.  However with sales down a larger percentage, this pushed the months of inventory up yet again.  As I mentioned last month, for a balanced market we still need to get back to 6-9 months of inventory.

Only 6.6% of the residential inventory sold in October, which means approximately 93.4% of what is on the market did NOT sell. 

The overall market took a step forward in September, but took a step back in October.  Sales were down, however inventory dropped marginally as well.  Inventory dropped largely due to the seasonal decline of homes coming off the market for the winter months. 

Wrap Up:

Sellers:  With less inventory, your home has a good chance to shine.  Less inventory means less choices for buyers and more opportunity for you to sell to a serious buyer.  And believe me, the buyers that look to buy in the winter are serious!  You do however still need to price your home well to attract their interest. 

Buyers: there are some incredible buys coming onto the market.  Currently we have 87 court ordered sales (these are predominantly foreclosures) on the market in the North Okanagan.  There are some good deals to be had if you are prepared to take the risk (see our Foreclosure tips).

We believe that now more than ever it is important for Buyers and Sellers to hire experienced agents.  There are going to be more and more minimum service agents popping up in this country, and if you are serious about getting a great buy on a home or a great price when you sell, it only makes sense to hire someone who is going to do the job, and do it right.  Call us 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! 

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt, become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX  Vernon)!  Also, check out our housing videos (and home staging tips)  on our Youtube channel at www.youtube.com/lisalt001.

We hope you enjoy our website's new look.  More information available on our home page at www.SaltTeam.ca!

Cheers!


Lisa and the Salt Team


North Okanagan Market Update - September, 2010


Finally we see some inventory dropping - the moment we have all been waiting for!! 

There are some excellent buys out there if you know where to look.  Inventory has dropped, sales were marginally better, so we feel there may be some light at the end of this distant tunnel.  We aren't expecting miracles, but would like to see a more balanced market. 

North Okanagan overall statistics September:

* Total Units Listed:  296 listings, down 10.57% from September, 2009.  There has been noticeably less inventory coming on the market in the last 2 months.  Last week RE/MAX cancelled office tour due to lack of listings!!  Shocking!

* Total Units Sold: only 134 sales, which is down 28.72% from last year (but up from 105 last month) - out of those 134, 69 were residential sales.  These 69 residential sales represent a 21.59% decrease from September 2009.  

The North Okanagan currently sits with 19.2 months of inventory which is heading in the right direction - 2583 listings on the market now.  This is still a very large number, but at least it's dropping.  For a balanced market we still need to get back to 6-9 months of inventory.

9.29% of the residential inventory sold in September, which means approximately 90.71% of what is on the market did NOT sell.  This is however an improvement, however small, from the 6.57% we saw last month.  Sellers still need to be sharp on their prices.

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.

Wrap Up:

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 overinflated 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.

In our opinion, 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.

Thank you to those of our clients who showed up at the Pumpkin Patch for free hot dogs and pumpkins!  We also want to sincerely thank those who donated to the Children's Miracle Network - we were able to raise $483 to donate to the cause!

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt, become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX  Vernon)!  Also, check out our housing videos (and home staging tips)  on our Youtube channel at www.youtube.com/lisalt001.

Watch for our website's new look coming up soon at www.SaltTeam.ca!

Cheers!


Lisa and the Salt Team

Vernon BC Real Estate Market Update - August, 2010


(please note stats are released from our real estate board 10 -14 days after the end of each month)

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!

North Okanagan overall statistics August:

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!

* 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.

Thanks to all our past clients who attended our private viewing of "SALT" - the movie - at the Towne Theatre in Vernon on August 19th at 7:30 PM.  It was such a great time and we feel a huge success.  Thank you everyone for your business and referrals over the years!!  And keep your fingers crossed for the sequel!

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt, become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX  Vernon)!  Also, check out our housing videos (and home staging tips)  on our Youtube channel at www.youtube.com/lisalt001.

Please feel free to visit our website at www.SaltTeam.ca for more information on the North Okanagan.

Cheers!
Lisa and the Salt Team