The spring real estate market has taken off!

The phones and email are coming in 24/7. The Listing and Conveyancing departments at RE/MAX Priscilla are working at warp speed to keep-up with paper work, lying awake at night hoping nothing has been missed. It’s a bit frantic, but a welcome and exciting change from 2014 and 2015. The April 2016 real estate totals should be interesting. In the meantime here are the Okanagan Mainline Real Estate Board’s most recent March real estate statistics for the North Okanagan and Shuswap. 

North Okanagan Real Estate Market (Vernon, Coldstream, Armstrong & Areas)

7506 Kennedy Lane, Vernon, BC

Sales Activity, March 2016 compared to March 2015

• Sales activity for March was up 33.6% to 187 units compared.
• Total residential sales were up 38.5% to 169 units.
• Single family home sales were up nearly 58.7% to 100 units!
• Average number of days to sell a single family home was 97 compared to 89 days
• New residential listings taken during the month totaled 351, down 8.6%.
• The number of new listings single family listings taken largely unchanged, up 1 to 186 units.

Shuswap Real Estate Market (Salmon Arm & Mabel Lake Areas)

1080 54 Avenue NE, Salmon Arm, BC

Sales Activity, March 2016 compared to March 2015

• Sales activity overall climbed 23.6% to 110 units.
• Total residential sales were up 24.3% to 92 units.
• Average number of days to sell declined by 9 days, to 125 days.
• New listings decreased 5% to 210 units.
• New single family listings declined a whopping 16.2% to 98 units!

  Noteworthy, for Real Estate Buyers

A warning for real estate Buyers shopping in the estate right now in the North Okanagan or Shuswap: our colleagues at INVIS in Vernon warn us, they are starting to see some real estate Buyers writing offers thinking they have been pre-approved for financing – but they are not! Their lenders have only performed a SHORT application. In a short application, only monthly income and payments are considered. So, Buyers, if you didn’t provide your income tax documentation and down payment verification it’s unlikely your lender performed a FULL application review. If you plan to make an offer, contact your lender to ensure you are truly pre-approved.

Noteworthy, for Real Estate Sellers

In North Okanagan and Shuswap, it’s a Sellers’ real estate market in many property categories. But, we also find Buyers of upper end homes, $650,000 and up, are still being cautious and selective. In this price range, real estate Buyers in the North Okanagan and Shuswap are comparing existing listings with ‘new’ homes and constructions. These Buyers expect to see discounts for outdated home designs features and deficiencies that show up during home inspection.

This spring we are finally starting to see more interest from real estate Buyers from Vancouver. They’re confident when they write offers on property here knowing that their homes on the will sell quickly and for a good price. And, confident when negotiating for a fair price for real estate in the smaller North Okanagan and Shuswap market.

Source: Real Estate statistics provided by the Okanagan Mainline Real Estate Board http://www.omreb.com/