November, 2009 - Vernon and North Okanagan Statistical Market Update:

November turned out to be a pretty good month!  There has been more activity mostly due to pent up demand from the first half of the year.  We are predicting 2010 to be a more balanced market with slow, steady growth and small, if any, price increases.   

Inventory - What Is For Sale:

In November the number of listings on the market ended at 1287 total residential units (this includes houses, apartments, condos, duplexes, etc.), down another 14.03% from last year and down about 100 units from the 1384 in October.  Also in November only 199 new residential listings came on the market to bring inventory to that level, 38 units less than were listed in October.     

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is at 573 homes currently on the market, down marginally from the 621  reported in October - this is the third month in a row that inventory is down in the residential market. There are now 2117 total active listings in the North Okanagan - down a further 100 units from October at 2220 - this is a good sign!  But we don't want everyone to get too excited - there are still over 2100 properties on the market which is still way too many properties for the amount of sales we are having. 
 
Lots and Acreages (including waterfront) inventory is stable at 551 lots listed on the MLS, up slightly from October. 9 lots sold in the month including 1 acreage and 1 waterfront, versus only 5 total in the same month last year.  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.  

Sales - What is Selling:
This has been a decent month at 125 total sales. Down from last month at 154, but that is to be expected.  Last year (bear in mind the market virtually stopped in June, 2008) we had only 107 sales.  This is a 30.84% increase from last year, which still sounds great  even if the market was totally dead last year. 

Prices - Averages and Medians:
The average total residential house price is $341,370.40, down from 375,827.40, in October.  The median is now down to $320,000. 

Further to this, the average number of days that it takes a house to sell (days on market) is up 19.23% (124 days, not including expiries and relists) year over year - i.e. houses are still taking nearly 20% longer to sell now than they did last year.  
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2117 active listings on the market, and with 125 total sales,  we now have 16.94 months of inventory (up from 14 months of inventory last month), on the market  (i.e. it would take nearly 17 months to sell all the homes that are currently for sale, not including any new listings that come along).  This number is up from last month but hopefully inventory will continue to slide in December to improve this situation.

My advice right now for Sellers:  Don't get cocky!  The media has been expounding for months now about the rapid increases and multiple offers in the Canadian real estate market - but please remember they are talking about the major centers, NOT the Okanagan Valley!  Our market usually follows the major centers by approximately one year.  And only if market conditions are the same - for example, if our inventory drops enough to support that type of activity.  A rebound such as they have seen in the Lower Mainland is due to declining inventory and increasing sales - we are not seeing that here as yet.  We still have huge inventory (over 2100 units!) and our sales are rated as 'okay'.  They are nowhere near what we saw in the peak.  The lesson here is that overpricing in any market does not sell houses. If you want to sell, price it right, and it will sell.  If you are waiting for drastic increases, you may be waiting a very long time as the fundamentals of the market currently do not support such.  Price your home right the first time and you will sell.  Also make sure your home is 'fit to sell' - easy do-it-yourself home staging videos are available for you at Salt Home Staging Videos. 

My advice right now for Buyers:
The time for getting great deals may be passing.  What I do know is that by the time you see where the bottom is, it is too late.  Rates are low, prices are down - I truly believe now is the time to buy and just bought a building lot a week ago.  We are our own best customers!  Talk to your mortgage broker and if you don't have one and lock in a rate - call us and we can help.  The best listings in the first time buyer price ranges are selling very quickly - call us to set up your custom computerized search with your home buying criteria and get started!  Or visit www.NewestListings.info.   

Wrap Up:
We are still going in the right direction and believe we are heading from a full fledged buyer's market into more of a balanced market in 2010.  The statistics over the next few months will confirm if our predictions are correct.  

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!

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

Cheers!
Lisa and the Salt Team

October, 2009 - Vernon and North Okanagan Statistical Market Update:

The North Okanagan is starting to see the usual seasonal slowdown, although we have some excellent news on the inventory front.  We are hoping to join some of the major centers that have seen their prices become more buoyant over the last quarter - however we likely won't see any major improvement until well into 2010. 

Inventory - What Is For Sale:

In October the number of listings on the market ended at 1384 total residential units (this includes houses, apartments, condos, duplexes, etc.), down another 13.45% from last year and down marginally from 1407 units in September.  Also in October only 237 new residential listings came on the market to bring inventory to that level - down significantly from the 266 new listings we had come online in the same month last year.   

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is at 621 homes currently on the market, down marginally from the 687 reported in September - this is the second month in a row that inventory is down in the residential market. There are now 2220 total active listings in the North Okanagan - down 200 units from September at 2416 - this is a good sign!  But we don't want everyone to get too excited - there are still over 2200 houses on the market which is still way too many properties for the amount of sales we are having. 
 
Lots and Acreages (including waterfront) inventory is stable at 546 lots listed on the MLS, down only marginally. 10 lots sold in the month including 2 acreage and 0 waterfront, versus only 3 total in the same month last year.  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.  

Sales - What is Selling:
This has been a decent month at 154 total sales. Down from last month at 191, but that is to be expected.  Last year (bear in mind the market virtually stopped in June, 2008) we had only 89 sales.  This is a huge 73.03% increase from last year, which still sounds great  even if the market was totally dead last year. 

Prices - Averages and Medians:
The average total residential house price is $375,827.40, marginally up from August and September but basically flat.  The median is now $354,000, up marginally. 

Further to this, the average number of days that it takes a house to sell (days on market) is up 32.65% (130 days, not including expiries and relists) year over year - i.e. houses are still taking a LOT longer to sell now than they did last year.  
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2220 active listings on the market, and with 154 total sales,  we now have 14.4 months of inventory (up from 12.6 months of inventory last month), on the market  (i.e. it would take over 14 months to sell all the homes that are currently for sale, not including any new listings that come along).  This number is up from last month but hopefully inventory will continue to slide toward the end of the year to improve this situation.

My advice right now for Sellers:  We still have more foreclosures and court ordered sales, as well as other distress sales properties, than we have seen in a long time.  These "must sell" properties are putting pressure on the sale prices in all areas, as these properties are used as comparables by buyers and appraisers who are valuing properties in the area.  You still want to price your property at market value.  Many are citing the markets in Calgary and Vancouver as reasons why their homes should be worth more than the house down the street - but believe me, it does not work that way.  Compare apples to apples not oranges.  We need to live, work and price in this market - not in someone else's. What is happening in the rest of Canada may reach us eventually, and is providing us with some market stability, but the wave is not here yet.   

My advice right now for Buyers:
If you have a downpayment and a preapproved mortgage, now is the time.  Rates have already increased and scheduled to increase more.  Talk to your mortgage broker and if you don't have one, call us and we can help.  The best listings in the first time buyer price ranges are selling very quickly - call us to set up your custom computerized search with your home buying criteria and get started!  Or visit www.NewestListings.info.   

Wrap Up:
We are going in the right direction and believe we are heading from a full fledged buyer's market into more of a balanced market.  Which is a relief for everyone!    

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.

If you are serious about buying or selling, please call anytime - it is our pleasure to help you make an educated and informed real estate decision.  Visit our website at www.SaltTeam.ca for more information on the North Okanagan.

Cheers!
Lisa and the Salt Team

September, 2009 - Vernon and North Okanagan Statistical Market Update:

We had a surprisingly good month!  Actually the second best month in terms of sales that we have seen all year.  Shocking but welcome!  And inventory has dropped marginally as well - another good sign that hopefully the market is heading towards a more stable environment.

Inventory - What Is For Sale:

In September the number of listings on the market ended at 1407 total residential units (this includes houses, apartments, condos, duplexes, etc.), down a whole 16.79% from last year and down from 1627 units in August.  Also in September, only 144 new residential listings came on the market to bring inventory to that level - down significantly from the 292 new listings we had come online last month.  Hopefully this is a start of the much needed inventory decline to have the beginnings of a more stable market.  

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is at 687 homes currently on the market, down marginally from the 722 reported in August. There are now 2416 total active listings in the North Okanagan - up ever so slightly from August at 2530. This is a good sign!! 
 
Lots and Acreages (including waterfront) inventory is stable at 574 lots listed on the MLS. A record (for this year) 25 lots sold in the month including 7 acreage and 0 waterfront, versus 7 total last year.  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.  

Sales - What is Selling:
This has been our second best month for sales all year next to July at 203, we had 191 sales this month!!  This is fabulous - last year (bear in mind the market virtually stopped in June, 2008) we had only 101 sales.  This is a huge 89.11% increase from last year, which sounds fabulous!   

Prices - Averages and Medians:
The average total residential house price is $367,656.78, marginally up from August but basically flat.  The median is now $340,000, down marginally but again, basically flat. 

Further to this, the average number of days that it takes a house to sell (days on market) is up 36.29% (169 days, not including expiries and relists) year over year - i.e. houses are still taking a lot longer to sell now than they did last year.  
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2416 active listings on the market, and with 191 total sales,  we still have 12.6 months, just over a year, of inventory on the market  (i.e. it would take a little over 1  year to sell all the homes that are currently for sale, not including any new listings that come along).  This number is down quite a bit from every month this year - we may be heading toward stabilization.

My advice right now for Sellers: Right now we are seeing quite a few foreclosure and distress sales becoming available, which are adding to inventory which should see the usual seasonal decline - and these "must sell" properties are depressing the sale price in the low to mid price ranges.  Even though we are heading toward stabilization (hopefully), we are not there yet.  If you need to sell, price your property right.  If you don't know what 'right' is, call us.  We'll tell you.  The larger markets of Calgary, Vancouver and even Kelowna have picked up nicely - we hopefully will catch that wave, although realistically it may not be until early Spring.  

My advice right now for Buyers:
If you have a downpayment and a preapproved mortgage, we feel now is the time.  Rates are slated to continue to rise and that will make a huge difference to the amount of money you are going to be paying for your home over the long run.  Buy before your preapproval runs out and while the prices are still down!!  Start today and sign up for our VIP Buyer program to get started at www.NewestListings.info.   

Wrap Up:
We are hopeful that things are going to be less dismal in the near future and are looking forward to a slight recovery back to a balanced market.   

Also, our team is going Green!  We now have our first Accredited Green Agent (AGA) on our team (registered with the National Association of Green Agents and Brokers - Canada) and are in the process of going paperless!  For more information on how you can determine the energy efficiency of your home (or a home you are buying), call us today at 250-549-7258.

If you are serious about buying or selling, please call anytime - it is our pleasure to help you make an educated and informed real estate decision.  Visit our website at www.SaltTeam.ca for more information on the North Okanagan.

Cheers!
Lisa and the Salt Team

July, 2009 - Vernon and North Okanagan Statistical Market Update:

Market activity increased again for July, the third month in a row, which admittedly was a bit of a surprise for us.  With news that the markets are heating up in the major centers, especially Vancouver, as well as the announcement that the recession is likely over (...really?? ...), sales were up again for the month.  Don't expect any price increases though, as inventory, although down a little, is still exceptionally high. 

Inventory - What Is For Sale:

In July the number of listings on the market ended at 1624 total residential units (this includes houses, apartments, condos, duplexes, etc.), actually down marginally 2.35% from last year and down from the 1687 units we had in June.  Also in July, 327 new residential listings came on the market to bring inventory to that level - down from the 370 new listings we had come online last month.  It's nice to see inventory fall - it's been a long time since we have seen a few less properties being listed.  However, this has to continue a loooooonnnng way to see any impact on pricing. 

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is at 709 homes currently on the market, down marginally from June. There are now 2519 total active listings in the North Okanagan - down from June's numbers of 2605 but up from May's 2488. This is a good sign - let's just hope it lasts. 
 
Lots and Acreages (including waterfront) inventory is stable at 583 lots listed on the MLS. 17 lots sold in the month including 3 acreage and 0 waterfront, versus only 4 total last year.  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.   This now is our best month for raw land sales this year!

Sales - What is Selling:
For the third month in a row, July 2009 saw total residential sales increase! Our sales were up 58.77% from July 2008 to 181 from 114.   You will remember that our market started to really slide in June of 2008, so we do expect sales this year to be better, which is exactly what we have seen.  The market is finally absorbing some of the pent up demand from over the last year.   Total sales of all product was 203 for the entire month - the best we have seen in a year. 

Prices - Averages and Medians:
The average total residential house price is $366,744.12, which is down from June as well as down from 2008.  The median is now $340,000 down drastically from June.  This is again due to the oversupply of properties we currently have listed on the market.    

Further to this, the average number of days that it takes a house to sell (days on market) is up 40.32% year over year - i.e. houses are still taking longer to sell now than they did last year.  This has been steadily increasing for the year.
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2519 active listings on the market, and with 203 total sales,  we still have 12.4 months, a little over a year, of inventory on the market  (i.e. it would take over 1  year to sell all the homes that are currently for sale, not including any new listings that come along).  This number is down slightly from last month, so we are still moving in the right direction.  Although the numbers are more encouraging, our buyer's market continues, and prices are certainly not on the upswing. 

My advice right now for Sellers:  Be sharp on your numbers and your house will sell.  If you are not, it will sit and sit and sit.  We are heading into the fall/winter market soon and we are not expecting stellar results. There are many, many properties for buyers to choose from - 9% are selling and 91% are NOT!   Check out our special report at www.SellIn37Days.com to see what you need to do to be one of the first to sell in your category, for the most money.

My advice right now for Buyers:
With 91% of the properties on the market not selling, there are still some fabulous deals out there.  Interest rates are still excellent - take advantage and lock in a 120 day preapproval now!  We can help - we have contacts with the best mortgage brokers in town, and we will help you every step of the way.  Check out our information at www.NewestListings.info.   

Wrap Up:
We are very happy to see over 200 sales - that is the first we've seen of that kind of activity in a long time.  However, we know that this is summer, and summer never lasts forever.  The market was a little lacklustre during our recent smoke extravaganza, but hopefully with our firefighters hard at work, we will get some relief from the smoke as well as a few more sales!

If you are serious about buying or selling, please call anytime - it is our pleasure to help you make an educated and informed real estate decision.  Visit our website at www.SaltTeam.ca for more information on the North Okanagan.

Cheers!
Lisa and the Salt Team

June, 2009 - Vernon and North Okanagan Statistical Market Update:

Market activity increased again for June, which is the second month in a row of increased sales in the North Okanagan.  Rates actually came down a little bit today - another bonus - and markets have really heated up in the major centers.  Unfortunately we never feel the effects of these jumps until well after the larger markets start to rally. 

Inventory - What Is For Sale:

In June the number of listings on the market ended at 1687 total residential units (this includes houses, apartments, condos, duplexes, etc.), up 9.69% from this time last year and up from the 1618 units we had in May.  Also in June, 370 new residential listings came on the market to bring inventory to that level - up from the 343 new listings we had last month.  This level is up quite a bit from last month, which ruins our 3 month track record of stability - inventory is on the rise.  Again.

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is at 743 homes currently on the market, up marginally from May. There are now 2605 total active listings in the North Okanagan - up again from last month's staggering numbers of 2488 total listings!!  Last month I asked - "are we seeing inventory finally reach it's peak?"  Apparently I was wrong.  Is this the peak?  Who knows... The reality is just under 93% of the houses currently on the market are not selling!!  Only 7% are...
 
Lots and Acreages (including waterfront) inventory is up yet again to 596 lots listed on the MLS. 12 lots sold in the month including 4 acreage and 0 waterfront, versus 13 total last year.  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.   This has been our best month for raw land thus far this year!

Sales - What is Selling:
For the second month in a row, June 2009 saw total residential sales increase! Our sales were actually up 19.87% from June 2008 to 165 from 134.  Total sales of all product was 187 for the entire month.  This is an unusually high number for June - which normally is slower due to children graduating, getting out of school, planning for holidays, etc.  

Prices - Averages and Medians:
The average total residential house price is $384,852.96, which is up from May.  The median is now $372,500 - also up drastically from May.  However, we don't want anyone to get too excited - we are not feeling any price increases at this time - there is simply too much inventory.  The average and medians are up to reflect more sales in the higher end.  

Further to this, the average number of days that it takes a property to sell (days on market) is up 20.29% year over year - i.e. houses are still taking longer to sell now than they did last year.  This has been steadily increasing for the year.
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2605 active listings on the market, and with 187 total sales,  we still have 13.93 months, a little over a year, of inventory on the market  (i.e. it would take over 1  year to sell all the homes that are currently for sale, not including any new listings that come along).  This number is down slightly from last month, so we are still moving in the right direction.  Although the numbers are more encouraging, our buyer's market continues, and prices are certainly not on the upswing. 

My advice right now for Sellers:  The advice is the same - price it at the market it will sell.   There are still 2605 properties for buyers to choose from - 7% are selling and 93% are NOT!  You need to be the best value to attract a buyer.     Prices are NOT going up as yet, regardless of the sunshine that you read from the newspapers and other media.  We are not a major market, we have not recovered yet!  And before we do, anything can happen - interest rates could go up, stock markets can crash, etc.  Once again, be realistic and your house will sell.  Check out our special report at www.SellIn37Days.com to see what you need to do to be one of the first to sell in your category, for the most money.

My advice right now for Buyers:
Once again, with 93% of the properties on the market not selling, there are still some fabulous deals out there.  You just have to look and rely on the advice of a professional realtor to get you to the best deals first! Check out our information at www.NewestListings.info.   

Wrap Up:
The market is certainly more active and we are seeing some of the pent up demand from earlier in the year finally come to fruition.  However do not lose sight that only 7% of what is on the market is selling. 

If you are serious about buying or selling, please call anytime - it is our pleasure to help you make an educated and informed real estate decision.  Visit our website at www.SaltTeam.ca for more information on the North Okanagan.

Cheers!
Lisa and the Salt Team

May, 2009 - Vernon and North Okanagan Statistical Market Update:

Market activity has continued to increase, which is a refreshing change!  Rates have jumped for the longer term mortgages slightly, which will change the picture for some people.  Hopefully everyone has a preapproved mortgage with a set rate locked in! 

Inventory - What Is For Sale:

In May the number of listings on the market ended at 1618 total residential units (this includes houses, apartments, condos, duplexes, etc.), still up over 16.74% from this time last year.  Also in May, 343 new residential listings came on the market to bring inventory to that level - approximately the same number of new listings as last month (stable numbers for 3 months in a row now).

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is at 731 homes currently on the market, down marginally from April. There are now 2488 total active listings in the North Okanagan - very consistent with last month's numbesr.  Are we seeing inventory finally reach it's peak?  We can only hope! 
 
Lots and Acreages (including waterfront) inventory is up yet again to 581 lots listed on the MLS.  10 lots sold in the month including 4 acreage and 0 waterfront, versus 11 total last year.  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.

Sales - What is Selling:
For the first month in many, May 2009 saw total residential sales increase! Our sales were actually up 17.91% from May 2008 to 158 from 134.  This is up from 110 sales in April, 2009.  Total sales of all product was 173 for the entire month. 

Prices - Averages and Medians:
The average total residential house price is $344,338.78 which is up a few thousand dollars from March.  The median is now $310,000 - also up.  The average is up slightly reflect a few more salese in the higher end.   Further to this, the average number of days that it takes a property to sell (days on market) is up 79.10% year over year - i.e. houses are taking way longer to sell now than they did last year.  This has been steadily increasing and up substantially again this month.
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2488 active listings on the market, and with 173 total sales,  we still have 14.38 months, a little over a year, of inventory on the market  (i.e. it would take over 1  year to sell all the homes that are currently for sale, not including any new listings that come along).  This number is down from last month, so we are still moving in the right direction.  Although the numbers are more encouraging, our buyer's market continues, and prices are certainly not on the upswing.

My advice right now for Sellers:  The advice is the same - price it at the market it will sell.  If you don't, it won't.  There are still 2488 properties for buyers to choose from - 7% are selling and 93% are NOT!  You need to be the best value to attract a buyer.     Prices are NOT going up as yet.   Be realistic and your house will sell.    

My advice right now for Buyers:
I hope you took my advice and locked in a rate with a preapproval!  With 93% of the properties on the market not selling, there are some fabulous deals out there right now - take advantage of them! 

Wrap Up:
The market is certainly more active and we are seeing more sold signs than we have all year.  However do not lose sight that only 7% of what is on the market is selling.  And we estimate that over 80% of sellers are not even in the market - their prices are too high and their properties are unsaleable for any number of other reasons.  Set yourself up for success and go to www.Sellin37Days.com for more info on selling fast and for top dollar! 

If you are serious about buying or selling, please call anytime - it is our pleasure to help you make an educated and informed real estate decision.

Cheers!
Lisa and the Salt Team

April, 2009 - Vernon and North Okanagan Statistical Market Update:

Finally we have seen some decent market activity.   Rates have stabilized at a low rate fueling the market in the low to mid price range.  Spring is shaping up better than many thought, and we are hoping to see a continuation of this activity for the remaining spring and the summer months to come. 

Inventory - What Is For Sale:

In April the number of listings on the market ended at 1618 total residential units (this includes houses, apartments, condos, duplexes, etc.), still up over 33.83% from this time last year.  Also in April, 351 new residential listings came on the market to bring inventory to that level - approximately the same number of new listings as last month. 

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is up to 751 homes currently on the market. There are now 2483 total active listings in the North Okanagan (up yet again from 2290 last month).
 
Lots and Acreages (including waterfront) inventory is up yet again to 591 lots listed on the MLS.  12 lots sold in the month including 1 acreage and 0 waterfront, versus 11 total last year (broken down to 8 lots, 0 waterfront and 4 acreages).  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.

Sales - What is Selling:
April 2009 saw total residential sales down 31.68% from April 2008 to 110.  This is up from 85 sales in March, 2009.  Total sales of all product was only 127 for the entire month.  This is somewhat expected as part of our usual seasonal Spring increase.   The question still is whether this increase is sustainable with 2483 listings currently available.... As mentioned above, there were 13 lots that sold. 

Prices - Averages and Medians:
The average total residential house price is $341,431.81 which is up marginally from March.  The median is now $325,000 - also up.  These are higher numbers, reflecting the fact that finally a few sales are happening in the higher end.  Certainly not as many as last year, and prices themselves have dropped - however this is encouraging.  Further to this, the average number of days that it takes a property to sell (days on market) is up 63.16% year over year - i.e. houses are taking way longer to sell now than they did last year. 
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2483 active listings on the market, and with 127 total sales (versus 179 last year), we still have 19.5  months, a little over 1.5 years, of inventory on the market  (i.e. it would take over 1.5 years to sell all the homes that are currently for sale, not including any new listings that come along).  This number is down from 2 years last month, so we are still moving in the right direction, although at a slow pace.  Although the numbers are more encouraging, our buyer's market continues.

My advice right now for Sellers:  I know I sound like a broken record, but the reality is that you need to price your home well for it to sell, regardless of the activity out there. There are still tons of houses to choose from for buyers, and they are only chosing to buy those that are the very best value.   Make no mistake - prices are NOT going up as yet.  They just aren't decreasing as quickly right now.  

My advice right now for Buyers:
Rates are still exceptionally low, but I would highly recommend talking to a mortgage broker and locking in a preapproval to buy.  These preapprovals last for usually 120 days, so now is the time to lock in that low rate!  If the rates go lower, you benefit from this, but if they go up (as is more likely the case), you are protected.  There are some fabulous deals out there right now - now is the time to take advantage of them!  But the good houses for the best value still sell fast and for a reasonable dollar, so lowballing isn't always the best play. 

Wrap Up:
The market is certainly more active and we are seeing the typical Spring sold signs going up as well as many of the typical Spring perennial For Sale signs!  Variety is the spice of life they say, and there is certainly lots of variety on the market right now.  Enjoy the sunshine and the great opportunities that exist out there for you right now!

If you are serious about buying or selling, please call anytime - it is our pleasure to help you make an educated and informed real estate decision.

Cheers!
Lisa and the Salt Team

March, 2009 - Vernon and North Okanagan Statistical Market Update:

March turned out to be a pretty decent month.  Nothing like March 2008 or 2007, but still decent.  Rates continue downward plus prices have decreased, both fueling activity from First Timers who have not been in the market for some time now.   We are happy to report that our team has fared well in this struggling market and we have added more online advertising to our marketing strategy - including Craigslist.ca, Castanet.net and Kijiji.ca!

Inventory - What Is For Sale:

In March the number of listings on the market ended at 1503 total residential units (this includes houses, apartments, condos, duplexes, etc.), up over 43.69% from this time last year.  Also in March, 349 new residential listings came on the market to bring inventory to that level.  As expected, 349 listings coming on the market is up considerably from the 235 new listings we had come online in February.  Again, in order to bring more stability and confidence into this market, we need less inventory on the market.    

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is up to 780 homes currently on the market. There are now 2290 total active listings in the North Okanagan (up from 2124 last month).
 
Lots and Acreages (including waterfront) inventory is up yet again.  3 lots sold in the month, 1 acreage and 1 waterfront, versus 20 total last year (broken down to 12 lots, 1 waterfront and 7 acreages).  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan. In January there were another 94 lots listed on the MLS (50 were from our Silver Ridge Development in the Silver Star Foothills).

Sales - What is Selling:
March 2009 saw total residential sales down 34.11% from March 2008 to 85 sales - not bad, certainly the smallest decrease we have seen in a while.  This is up from 64 sales in February, 2009.  Total sales of all product was only 93 for the entire month.  We do however expect somewhat of an increase due to Spring market conditions.  The question is whether this increase is sustainable with 2290 listings currently available.... As mentioned above, there were 5 lots that sold. 

Prices - Averages and Medians:
The average total residential house price is $306,989.75 - down, as expected, from the $329,183.87 average in February.  The median is now $289,500.  Further to this, the average number of days that it takes a property to sell (days on market) is up 107.69% year over year - i.e. houses are taking over double the time to sell than they did last year. 
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2290 active listings on the market, and with 93 total sales (versus 161 last year), we have 24+  months, about 2 years, of inventory on the market  (i.e. it would take over 2 years to sell all the homes that are currently for sale, not including any new listings that come along).  This number is down from 26 months last month, so we are moving in the right direction, although at a slow pace.  As we portrayed in our February market update, we are still in a drastic buyer's market.

My advice right now for Sellers:  Price your home at market value and if your home is being marketed and exposed correctly, it WILL sell.  If you don't price your home right the first time, you risk following the market further down.  Yes, it is Spring, but this does not magically bring higher prices.  Sad but true - the market is what it is, and just because flowers are blooming and the golf courses are open, this does not mean that prices are going up.   

My advice right now for Buyers:
As we mentioned last month, we believe there are 7 exceptional reasons to buy in 2009.  View our blog at http://vernonupdate.blogspot.com to educate yourself on why now is a great time to buy.  Interest rates just went down AGAIN - how low can they go?  All I know is that there is a lot more room for them to go up than to go down.... And prices are down.  What are you waiting for?! 

Wrap Up:
Spring doesn't bring miracles such as less inventory and higher prices, but it sure is a nice time to move up, down or sideways.  Remember if you are trading up or down - it is all relative.  Sell low, buy low - at least you are getting the benefit of buying when there are some fabulous opportunities.  You will get less for your home than you would have a year ago, but you can buy well, and finance at better rates than ever! 

If you are serious about buying or selling, please call anytime - it is our pleasure to help you make an educated and informed real estate decision.

Cheers!
Lisa and the Salt Team

February, 2009 - Vernon and North Okanagan Statistical Market Update:

We are hangin' in there!  Yes, the market is tough and yes, sales are down yet again - however those Sellers who are taking our advice and are pricing their homes aggressively are selling quickly and for more money than some of their neighbours who have priced too high and are following the market downwards.  And buyers who are buying now will be very happy in a few years....

February sales are up somewhat from January, although still down considerably from the same period in 2008.   

Inventory - What Is For Sale:

In February the number of listings on the market ended at 1390 total residential units (this includes houses, apartments, condos, duplexes, etc.), up over 48% from this time last year, but down slightly from January, 2009.  Also in February, 235 new residential listings came on the market to bring inventory to that level.  This moderate slowdown from 360 new listings in January is slightly positive, as in order to bring this market into balance, we need less inventory on the market.    

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is up 53.94% year over year – up from 419 residential units on the market this time last year to 645, unfortunately putting 10 more single family homes on the market this month versus last month. There are now 2124 total active listings in the North Okanagan (up from 2041 last month).
 
Lots and Acreages (including waterfront) are up again.  2 lots sold in the month and 3 acreages, versus 13 total last year (broken down to 10 lots and 3 acreages).  Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan. In January there were another 47 lots listed on the MLS.  They just keep on coming!

Sales - What is Selling:
February 2009 saw total residential sales down 58.44% from February 2008 to 64 sales, although up from the 45 sales in December, 2008.  Total sales of all product was only 74 for the entire month.  This is the typical moderate seasonal increase in sales that we have been expecting.  As mentioned above, there were 5 lots that sold. 

Prices - Averages and Medians:
The average total residential house price is $329,183.87 - down, as expected, from the $335,328.90 average in January.  The median is now $319,500.  Further to this, the average number of days that it takes a property to sell (days on market) is up 44.3% year over year - i.e. houses are taking 44% longer to sell than they did last year. 
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2124 active listings on the market, and with 75 total sales (versus 174 last year), we have 26+  months, over 2 years, of inventory on the market  (i.e. it would take over 26 months to sell all the homes that are currently for sale, not including any new listings that come along).  This number is down from 39+ months last month, so we are moving in the right direction, although at a slow pace.  A seller's market is considered to be 3 months of inventory or less, whereas a balanced market is considered to be 5 months of inventory.  7 months of inventory and up is a buyer's market.  So as per the above, we have 26+ months.....  a severe buyer's market.

My advice right now for Sellers:  Don't mess around - price your home right to sell fast, or you risk getting less next month.   If you don't get any offers or second showings in the first 10-14 days, the market has rejected your price - you must reduce if your intention is to sell.  If you are selling and buying in the same market, then you will make up your decrease on the other end, plus you will gain with the increased selection out there for you.   

My advice right now for Buyers:
We believe there are 7 exceptional reasons to buy in 2009.  View our blog at http://vernonupdate.blogspot.com to educate yourself on why now is a great time to buy.  We believe that buying real estate over time is the best investment there is!  That's why we are our own best clients. 

Wrap Up:
For sellers, we specialize in selling homes in tough markets.  You may not like what you hear, but we will tell you the truth the first time - we won't artificially inflate our evaluation of your home to make you feel better.  People need and deserve to hear the truth about what is happening - we don't sugar coat the facts.  If your home didn't sell the first time - or the second time - or the third... give us a call.  We can help.  Buyers?  Off the fence!  You don't want to have regrets in a year thinking "I wish I would have bought when...."  The best time to buy is when nobody else is. 

If you are serious about buying or selling, please call anytime - it is our pleasure to help you make an educated and informed real estate decision.

Cheers!
Lisa and the Salt Team

January, 2009 Vernon and North Okanagan Statistical Market Update:

We are happy to report that our team still had a great year despite the slower finish to the year.  We are proud to report that our sales to listing ratio for 2008 was 98.04%.  As compared to the Real Estate Board average of 93.57%, and based on an average house price of $349,532 (as per OMREB), then our team sells homes for $16,273.06 MORE than the average!  I think this is very significant.  Our average days on the market is 80 versus the board average of 96 - working into 16.7% faster sale than average...

We are very proud of our team members who came home from the RE/MAX Western Canada convention with an array of awards - Lisa and Gord brought home Chairman's Club, Chris Santos and Craig Ross received the 100% Club award while Brad Lowney and Maggie Willison received Executive Club!  Glenn only joined RE/MAX near the year end so this year did not receive an award, however we are confident he will this year.  Way to go Team! 

2009 begins not all that differently from how 2008 ended - a little lacklustre, as expected.  Expert predictions for 2009 are for more of the same. 

Inventory - What Is For Sale:

In January the number of listings on the market were 1456 total residential units (this includes houses, apartments, condos, duplexes, etc.), up over 54% from this time last year and also up from 1357 in December 2008.  In January, 360 homes came on the market to bring inventory to the current level of 1456.  

Residential (just houses) inventory is up 72.55% year over year – up from 368 residential units on the market this time last year to 635. There are now 2041 total active listings in the North Okanagan.
 
Lots and Acreages (including waterfront) are down slightly to 460 on the MLS - no lots technically sold in the month, therefore this decrease is due to listings expiring unsold, not due to listings selling.  Again, this not does include all the unlisted lot inventory in the many developments in the North Okanagan. In January there were 30 additional lots listed on the MLS.

Sales - What is Selling:
January 2009 saw residential sales down 57.55% from January 2008 to 45 sales, although up from the 39 sales that were made in December, 2008.  Total sales of all product was only 52 for the entire month.  There were zero lots that sold in January down from 3 sold last January. 

Prices - Averages and Medians:
The average total residential house price is $335,328.90, down significantly from the 375,370.84 average in December 2008.  The median is now $309,000, finally depicting the soft pricing we are experiencing when we are pricing properties these days.
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2041 active listings on the market, and with 52 total sales (versus 120 last year), we have 39.25 months - still over 3 years - of inventory on the market  (i.e. it would take over 39 months to sell all the homes that are currently for sale, not including any new listings that come along!).  Although this number is slightly down from December, it is still perilously high.

My advice right now for Sellers:  Be aggressive with your pricing to sell first.  Selling your house right now is like being in the grocery line - if you price your home too high, you go to the back of the line.  And as you sit at the back of the line, line cutters keep getting ahead of you - those that price their homes more aggressively than you.  As a result, you keep moving farther and farther back.  And the people that choose to price their homes aggressively, they take the Express Lane, and they sell before anyone else.  If you want to sell your home for the most amount of money in this market - be aggressive, and take the Express Lane.  Otherwise you risk chasing the market right to the bottom, wherever that may be.  If you are selling and buying a more expensive house, the percentages work in your favour and at the end of the day you will come out way ahead!

My advice right now for Buyers:
There are great buys out there - what are you waiting for?  Interest rates are so low .... in the long run, you just can't lose - real estate is an excellent investment.

Wrap Up:
If you are serious about buying or selling, please make sure you let us know.  We are experts in working in this type of market and can get the job done for you.  Please call anytime - it is our pleasure to help you make an educated and informed real estate decision.

Cheers!
Lisa and the Salt Team

December 2008 Statistical Market Update - Vernon and North Okanagan:

2008 ended with a very lacklustre performance in the real estate market.  Although inventory fell slightly, sales were still down dramatically from December 2007.  We start 2009 with our Real Estate Board predicting more of the same.

Inventory - What Is For Sale:
We ended December with 1357 total residential units on the market (this includes houses, apartments, condos, duplexes, etc.), up 74.2% from 2007 although down marginally from November of this year.   In December, 160 homes came on the market versus 103 last year - a disappointing amount which further unbalanced the supply and demand that was a negative increase in November.  

Residential (just houses) inventory is up 87.76% year over year – up from 335 residential units on the market this time last year to 629....  There are now 2093 active listings in the North Okanagan.
 
Lots and Acreages (including waterfront) are up to 489 not including all the unlisted lot inventory in developments such as The Rise, Turtle Mountain, The Terraces, Predator Ridge, etc.  In December there were 15 more lots listed on the MLS to total 404, again not including any unlisted inventory.

Sales - What is Selling:
December saw residential sales down 45.32% to 39 sales in that month.  Total sales of all product was only 47 for the entire month.  There were only 3 lots that sold in December down from 11 last December. 

Prices - Averages and Medians:
The average total residential house price is $375,370.84, up slightly from last month.   The median is now $356.950.  With so few sales, I find that the average and median prices taken over such a low number are usually skewed.   
 
Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2093 active listings on the market, and with 47 total sales (versus 160 last year), we have 44 months - nearly 4 YEARS - of inventory on the market  (i.e. it would take 44 months to sell all the homes that are currently for sale, not including any new listings that come along!).  This is the highest we have seen in many years.

My advice right now for Sellers:  If you are serious about selling, price your home right - get ahead of the market slightly.  Those who overprice and then follow the market down will lose.  If you aren't serious about selling, don't put yourself through the hassle.  Wait until the market comes up.  Our usual market cycle shifts every 7 years, and we are 1 year into our down market.  This gives you an idea of how long you may have to wait to see 2007 prices again. 

My advice right now for Buyers:
There are more and more great deals on the market as those who need to sell are getting more and more serious.  There are some great buys, and they are being snapped up quickly.  Who knows where the bottom is going to be?  I know that we only know for sure when it starts going up again. 

Wrap Up:
We hope everyone had a safe and happy holiday season!

Our team finished off 2008 strong, despite the real estate challenges.  In fact, we are proud to report that our sales to listing ratio for 2008 was 98.04%.  As compared to the Real Estate Board average of 93.57%, and based on an average house price of $349,532 (as per OMREB), then our team sells homes for $16,273.06 MORE than the average!  I think this is very significant.  Our average days on the market is 80 versus the board average of 96 - working into 16.7% faster sale than average...

Please call us or email us if you have any questions, or if you would like a complimentary evaluation of your home or a free hotlist of the best buys in the North Okanagan.  It would be our pleasure to help in any way that we can.

Cheers!
Lisa and the Salt Team