Vernon and 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 http://www.saltteam.ca/!
Cheers!
Lisa and the Salt Team, RE/MAX Vernon Real Estate
.jpg)
0 comments:
Post a Comment