We unfortunately did not see any light at the end of the tunnel in August, however we are seeing an almost city-wide series of price reductions on overpriced product. That is a good sign. With this being the fourth month in a row where sales have decreased relative to 2009, the market is finally adjusting to new levels.
"Now" Buyers are buying - a good deal is still a good deal, and more and more of them are popping up. Hopefully the activity on these homes will keep our market moving through the Fall and Winter months. Once again, if you are a buyer - excellent value out there right now. We can watch out for those great deals for you, just let us know what your criteria is and we'll do so! Click here and we'll get you started right away!
Sellers - prices have fallen. It's time to face reality. If you haven't already reduced - it's time. And if you have had no second showings and/or no offers - you need to reduce more. Get ahead of the market and you will sell - prices are soft and getting softer so don't delay!
North Okanagan overall statistics August:
* Total Units Listed: 326, down 9.44% from August, 2009.
* Total Units Sold: only 105, down 32.69% from last year. This number is flat from last month.
* Residential Sales of houses (not condos, townhomes, mobiles, etc.) 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 http://www.saltteam.ca/ for more information on the North Okanagan.
Cheers!
Lisa and the Salt Team, RE/MAX Vernon 250-549-SALT
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