North Okanagan Market Stats- September 2017

With the back to school frenzy over and Halloween fast approaching, it’s time to check in on recent market developments in Vernon/Coldstream, surrounding areas and what it means for future sales. Are prices destined to go even higher next year or has this real estate cycle run it’s course? As you can see from the stats below, continued low inventory, a healthy local economy and inward migration are placing enormous upward pressure on pricing. However recent changes to mortgage qualifying rules may have a slowing impact on this trend. Watch for future blogs on this and other changes to the real estate market.

 

Residential Detached Homes

Sales By The Month: 103    up 6.19%

Sales Year To Date: 991 down 6.77%

Days To Sell: 56 down 36.31%

Inventory: 367 down 16.59%

Average Price By The Month: $460,778 up 4.42%

Average Price Year To Date: $469,618 up 9%

Coming off a very strong year in 2016, the 2017 residential detached housing market has out performed yet again with an average price gain of 9% for the year to date.

 

Condos

Sales By The Month: 16 down 11.11%

Sales Year To Date: 170 up 29.77%

Days To Sell: 146 up 55.38

Inventory: 75 down 20.21%

Average Price By The Month: $198,625 up 10.56%

Average Price Year To Date: $201,678 up 7.27%

Condos are fast becoming the starter home for young people as detached housing becomes out of reach for many. It remains a very good option for those buyers looking for monthly cost certainty.

 

Lots

Sales By The Month: 8 up 60%

Sales Year To Date: 115 up 35.29%

Days To Sell: 141 down 37.17%

Inventory: 197 down 15.09%

Average Price By The Month: $240,000 up 83.07%

Average Price Year To Date: $203,582 up 20.68%

Sales of lots have increased substantially in 2017 as has the sale price. This is a combination of low inventory and high demand applying pressure on the existing housing stock limiting options for higher priced buyers, also an opportunity for people to build their dream home while mortgage rates remain low.

For those who regularly receive my monthly market update, my apologies for missing the last couple of months. A team member’s serious health concern took precedence.

North Okanagan – June 2017 – Market Statistics

June-2017

 

 

Impressive sales for the first half of 2017. Year to date home sales have reached 1,296 homes sold, compared to the 1,333 for the same period in 2016. This is an amazing result considering the substantial price increases and lack of inventory hampering sale numbers.

Speaking of home price increases, June has seen increases to most home prices, except for townhomes, which slightly decreased this month.

 

JUNE 2017 – PRICE INCREASES

 

Acreage Homes – June 2017 Increased 49%

Average Price: $1,027,498.00 – Days to Sell: 104

Residential Homes – June 2017 Increased 15%

Average Price:  $496,279.00 – Days to Sell: 55

Townhomes – June 2017 Decreased 8%

Average Price: $303,170.00 – Days to Sell: 48

 

The inventory is slowly recovering as the increase in pricing tempts more sellers to list and realize equity gains.

 

JUNE 2017 – INVENTORY

 

Acreage Homes – This June Increased 6%

June/17: 53 Homes Listed – June/16: 50 Homes Listed

Residential Homes This June Increased 12%

June/17: 218 Homes Listed June/16: 195 Homes Listed

Townhomes This June Increased 20%

June/17: 55 Homes Listed June/16: 46 Homes Listed

 

Hopefully we’ll see this trend progress and inventory continue to climb, which will offer more choice to buyers as well as more options for sellers to find their next home.

I look forward to sharing July’s real estate numbers with you.

If you are curious about how much your home is worth or are looking for opportunities in real estate investing, give me a call today.

250 550 4203

Have a fantastic summer.

Doug Cuthbert

Supercar Rentals, In the Okanagan – Sign Me Up!

Supercar

Another year past, and my kids, another year grown! In fact, my son just turned sixteen, which was an exciting event for our family. Of course, we spoiled him a bit (you only turn sixteen once!) and among other things, we decided to give him a gift certificate to help with the purchase of his first car. While most of his friends had received help from their parents, our son was okay with getting there on his own. He wasn’t expecting any help from us. You can just imagine the surprised look on his face when he saw his gift, it was so genuine and awesome. I knew we had made the right choice, sharing in his car buying endeavor.

Of course, my son and I share a love for beautiful cars. We’ve spent time perusing dealerships, test driving the odd high-end vehicle, and of course lots of shop talk! It’s been on our bucket list to test drive a supercar. So I decided to look into what kinds of rentals the Okanagan has to offer.

Here is what I came up with:

Kelowna Exotic Car Tours & Rentals

At Kelowna Exotic Car Tours & Rentals, you can rent a super car for the day or go on a guided tour where you’ll have the opportunity to drive four different super cars over the course of an afternoon. For more information, you can email [email protected]

August Luxury Motor Cars

You can rent exotic cars from August Luxury Motor Cars, however they are currently restructuring their rentals division. For more information on their supercar rentals and rates contact [email protected]

Kelowna Performance Rentals

You can rent a Lamborghini Gallardo Spyder from Kelowna Performance Rentals, for details and rates go to http://kelownaperformancerentals.ca/ or call 250.215.5247

Enterprise

Enterprise has a luxury rental collection, but not much information is available online. You’ll have to contact them via their form on their website for pricing and availability. You can visit their website at  https://exoticcars.enterprise.ca/en/index.html#  for more information.

I cant wait to scratch this one off my bucket list!

 

Okanagan Beaches, More Options Than You Thought

Beaches - Kin Beach

Aahhhh the promise of another hot Okanagan summer is finally just around the corner.  Barbecues, tennis and hanging out at the beach.  In fact, going to the beach is what draws most visitors to our corner of paradise. There’s the well known hot spots of course,  Kalamalka, Kin and  Paddlewheel Park beaches, but there are so many more.  Some are well known, beautiful Jade & Juniper Bays, others are tiny hidden gems, perfect for a peaceful family picnic away from the crowds.  With over thirty nine lake accesses, there is something for everyone.  For a detailed map and links to all the best beaches in the North Okanagan CLICK HERE

North Okanagan – Statistics March, 2017

Statistics March 2017

Aaaaaaand the cold weather continues, hard to believe this time last year it was 30c. This unseasonably cold, wet spring is effecting housing activity (and everyone’s general mood).

Residential Statistics March 2017

In March we had 156 new listings compared to 185 March of the previous year, down 15.68%. This trend of month after month of reduced listings coming into the market and higher sales, is not helping supply. Sales were up 7% at 107 compared to 100. These numbers are placing an inexorable squeeze on supply with inventory down a massive 33.67% to 327 compared to 493 previously. Homes are selling faster because of the competition amongst buyers, down 23.68% to 74 days compared to 97 previously. No surprise that this reduced supply and increased demand translates into an increase of 12.72% in the average sale price to $452,043 compared to $401, 027 previously. Curious as to how much the average price has increased in just the last two years? Up 28.9% from $350,471 in March, 2015. As long as we have more buyers than sellers, and we will for the foreseeable future, there will be no end in sight to the current market conditions.
As the fastest growing BC interior community second only to Lake Country, Vernon and the surrounding areas have been “discovered”. People are relocating primarily for the lifestyle, traditionally this was retirees but along with a healthier local job market, we are seeing a lot more families with young children moving in. A great sign for the long term health of our communities.

I Can Sell My Own Home for Free, Right?

For Sale By Owner

For Sale By Owner

It’s a great question. “If there are so many Buyers out there and it is sooooo easy to sell a home, why would I pay a realtor to sell it for me?  Crazy!” “Why don’t I just bang a sign in the lawn, sit back and watch it sell?”

It’s true, no one needs a realtor, some people choose to list their home “For Sale by Owner”.  If they’re lucky legally, it can sometimes work out and it’s certainly cheaper.  Odds are, if it does sell, it will likely sell for less… but hey, you’ll have sold it yourself and not payed ANY commission.  So then why do so many informed sellers choose to use a realtor, even in a sellers market? It’s a bit redundant isn’t it?

As a professional Realtor, I am at work in this industry every day! I have access to the latest sales data for comparable homes, possess an in depth understanding of  neighborhood values and contract law. I have extensive experience at marketing, negotiating, and selling homes. A top realtor with a strategic and well executed listing plan, will net you more money with a higher sale price, protect you legally and guide you through the process while helping you to understand each step along the way.  This means your left with more money in your pocket, your protected legally and the process is much less stressful. Listing with a competent realtor in any market, just makes sense.

If you’re looking for more information on the Okanagan Real Estate market, or have any questions or concerns regarding hiring a Realtor, call me anytime. I love what I do, and am happy to help clients better understand the process, so that everyone is comfortable and informed along the way.

 

 

 

 

 

What’s going on in North Okanagan Housing? February 2017 Stats.

 

February Statistics

What’s been happening in the Vernon, Coldstream, Lumby, Enderby and Armstrong housing market in the past month and where are we going?  Are we in for a correction or will prices continue to climb?

Sales in February were down 15.71% with continued low inventory, down 33.56%, impacting choice for Buyers and ensuring a steady rise in sale prices for Sellers, up 13.86% to an average of $442,952.  That’s a big price increase of 13.86% in just one year.  Is it going to rise even higher?  The safe bet is yes!  Our North Okanagan lifestyle is firmly on the radar for people from Vancouver to Toronto and represents good value in comparison to these markets. Vernon’s population growth is second only to Lake Country in the B.C interior; more people equals increased housing demand.

What about other types of housing such as apartments, condos and town homes?  This segment accounts for 41% of all housing sold in the North Okanagan. With Millennial’s placing a higher priority than previous generations on lifestyle over owning a big house with a white picket fence, watch this sector increase in popularity.  For many people, the apartment/condo or town home, will no longer be a stepping stone to a larger home, but their ultimate destination.  We are already seeing this trend as sales have increased 15.79% over the previous year, even as inventory has fallen 39.53%. There are a number of apartment developments in Vernon coming on stream to meet the demand of Buyers wanting greater affordability, proximity to amenities and walking distance to downtown.  It’s not suitable for every situation, but great to see more housing options and greater affordability in our community.  I’ll chat about some of these housing developments in future blogs as they come on stream.

 

Rustic Outdoor Spaces

Spring has sprung in the Okanagan! For most of us that means we’re day dreaming of the beautiful summer nights ahead of us, and the excitement of getting outdoors for everything! Along with the lead into the warmer weather many of us start to put our outdoor spaces back into place. For some of us that just means bringing out the patio set and filling the pool. For others, it can mean a whole new adventure into creating an amazing rustic outdoor space. If you’re like me, and you are always looking for new ways to enjoy the outdoors, you’ve come to the right blog! Today I am going to talk about different ways we can rethink our outdoor spaces in an earth friendly and budget conscious manner. There is no shortage of creative ideas being shared across social media, here are a few that I found exciting:

This fun idea can be done by anyone, there are many sites, like Pinterest or private blogs that give step by step instructions on how to create a pallet garden. The unique thing about pallet gardens is that they can be made in small spaces, indoor or outdoor spaces, mounted on walls etc. You can make both vertical or horizontal versions and it’s a great way to recycle used pallets. Some people use them to grow their own herbs, while others just like the rustic look a pallet garden creates. Want to know how to make a pallet garden, check out: http://www.growingagreenerworld.com/creating-a-pallet-garden-step-by-step-instructions/

Verticle Pallet Garden

 

Rustic, cost effective, and creative! Pallets can also be used to create outdoor patio furniture, with a little time and elbow grease (and maybe some help from Pinterest) you can create amazing outdoor spaces for very little money. Here’s a little inspiration to get you started if you’re interested in building your own outdoor space on a budget:

http://cutediyprojects.com/garden/20-diy-pallet-patio-furniture-tutorials-for-a-chic-and-practical-outdoor-patio/

pallet furniture

 

Lastly, if you are wishing you had an outdoor space but happen to be a renter or just need to build on a budget, a pallet deck can be another great way to add to your outdoor space in a non-permanent way. To learn how to build your own rustic pallet deck check out: http://hoosierhomemade.com/how-to-build-a-wood-pallet-deck

Pallet Deck

 

As an earth-friendly individual, I am really drawn to ideas that are both a little unconventional and cost effective. While I am not sure if I’ll get the chance to jump on-board with building my own pallet creations this year, I hope that some of you reading this find some inspiration from this blog and find your own ways to reclaim old materials into useful décor!

 

 

Good Time to Buy or Sell? ___________________________________________________________ B.C Housing Forecast 2017-2018.

Newport Coast 1

Home sales in B.C are trending lower after peaking in early 2016 at a record 112,209 units. However, housing demand is expected to remain above the provincial ten year average into 2018. Provincial numbers will be influenced by a slowing Vancouver market as sticker shock and a lack of affordability drive prices back to sustainable levels.

The Okanagan will also experience lower housing sales, but unlike the Lower Mainland, will see modest price increases this year and next. Low housing inventory and a healthy local economy that’s underpinned by strong commercial construction and job growth, will keep a floor under pricing.
__________________________ 2016______________________________ 2017________________________________ 2018

Unit Sales _______________ 10,036 ____________________________ 8,400________________________________ 8,600
_________________________ +25.6% ____________________________ -16.3% ______________________________ +2.4%

Average MLS Price ____ $461,791 ___________________________ $468,000 ____________________________ $476,000
_________________________ +13.1% _____________________________ +1.3% ______________________________ +1.7%

So is it a good time to buy or sell? The answer is both yes and yes. The local housing market is stable, buy or sell if that matches your personal situation and goals. Market stats have there place, but what’s happening in your own life should always be the deciding factor.

Click on the link for a more complete picture of the BC Housing Forecast 2017 – 2018:
British Columbia Real Estate Association Forecast

*Statistics provided by the British Columbia Real Estate Association

North Okanagan Real Estate Market Report, Jan 2017

Spiral Cellars | Subterranean Wine Cellar by Genuwine Cellars

This has got to be the coolest wine cellar ever, although I’m not sure mixing drinking with a gaping hole in the floor is a good idea!

Residential housing stats for Vernon, Coldstream, Armstrong, Lumby and the surrounding areas are out for the first month of 2017.  January was an unusually cold and snowy month which, along with even lower inventory, contributed to slower house sales. House sales are expected to improve as the weather warms and more homes are listed. The big story is the average sale price increasing 9.81%. With so few Sellers in the North Okanagan and so many Buyers, plus added pressure with inward migration, this trend of increasing prices will continue through 2017.

  • 71 new listings compared to 95  the previous January, down 25.26%
  • 33 homes sold compared to 57 the previous January, down 42.11%
  • 59 days to sell compared to 122 the previous January, down 51.82%
  • 276 homes for sale compared to 420 the previous January, down 34.29%
  • $423,729 average sale price compared to $385,879, up 9.81%

Many Sellers are waiting for spring to list their home, but as you can see, any Seller listing their home today has a massive competitive advantage in attracting qualified Buyers anxious to enter the market.  Listing and selling your home in winter may seem counter productive, but with less comparable homes for sale, therefore lower competition to attract Buyers, and a negotiated Possession date that ensures you are moving in the spring, it’s the smart move that puts more money in your pocket.

For more detailed information about specific neighbourhoods, property types or your own home’s value, please call Doug Cuthbert at 250-550-4203.