RE/MAX Vernon
5603 27th Street
Vernon, BC
V1T 8Z5 CA
 
Greg Kalyniuk
Office:(250) 549-4161
Direct:(250) 503-3758
Toll Free:(800) 667-2040
 
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Vernon Real Estate

Market Update

Where have all the buyers gone?

Single Family Homes Update

Like the cold indoor weather in April, the Buyers have been staying indoors as well. There were only 50 single family sales in April, 2011 as compared to 95 in 2010; yikes! There were 800 single family homes on the market at the end of April.  A sales to listing ration of 6% in April which is super Buyers territory. Therefore, the number of sales in April does not support the total number of homes on the market. Downward pressure on prices, if this keeps up. Stay tuned….

The median sold price for single family homes in April was $314,000 down from $335,000 in March.

Condos and Townhouses Update

The number of strata homes on the market in April has stabilized at about 400. This is good news if we don’t get a spike in listings in May and June. There were only 22 strata sales in April, 2011 or about 6% sales to listings. This is well below 2010 which saw 41 sales. This is great for any buyers who are looking around for a deal.

The median sold price for stata during March was $242,500 up from $206,500 in March.

Bare Land Update

Hey mister, want to buy some land? There are 545 bare land properties for sale in the North Okanagan ranging in price from $5,000 to $6 million. Over the last three years 2008 – 2010 there were an average of 13 sales in April. There were only 4 bare land sales in April, 2011 which about 1% sales to listings; super yikes! Now is the time to buy a lot to build a home because sellers must be itching to make a deal!

 Prognostication

I predicted that sales would climb up a bit in April and I was wrong! Instead of 7% to 10% sales each month we are below that so far. With continuing low sales numbers and climbing listing numbers it looks like prices will come down some more this Spring.

If you know of any buyers, let them know that this is a great time to pick up a home. It can be their first home, or it can be an investment property. If you know someone who is looking to upgrade their home, this is an awesome time for that also. Interest rates are still historically low and with all of the choices it just makes sense.

My advice for Sellers is the same as last month. Price your home at the bottom of the market, stage it perfectly, have an awesome Realtor to market the heck out of it, and pray for a motivated, qualified buyer to come along one day this Spring.

 

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