Here is a look at the residential real estate specific to the popular East Hill neighbourhood. This area traditionally is in the top 3 as far as number of real estate transactions per year. It's variety of home price points, and proximity to shops and services have long made homes here sought after .
2017 Property Sales in East Hill, Vernon BC
Status: Sold (202)
Finished Floor Area
MLS is 'OMREB'
Major Area is 'North Okanagan'
Sub-Area is 'EH - East Hill'
Sold Date is 1/1/2017 to 12/31/2017
Property Type is one of 'Single Family Residential', 'Strata', 'Manufactured Home', 'Lots and Acreages', 'Recreation'
The property mix in this report contains 177 homes, and 25 townhouses. There were no land sales registered via MLS® in the East Hill
East Hill, Vernon BC Key Performance Indicator Review 2017
Time frame for the chart above is from Jan 2011 to January 2018 and it depicts the absorption rate of real estate specific to the East Hill, Vernon BC sub area or neighbourhood with the North Okanagan zone.
From 2011 to early 2015 sellers often faced absorptions rate of more than 6 months based on the number of properties on the market compared to the number of sales. Fast forward to 2017 where much of the year there was less than 2 months supply!
Historic Look At East Hill, Vernon BC Real Estate Sales Volume
This chart reflects the MLS® property sales by month. The trend line shows clearly that sales volume has climbed steadily - although the jagged variation shows the seasonal nature of Okanagan real estate sales activity, with less sales in the winter months.
Historic Trend of Active Listings
You can see that the number of properties brought to the market in recent years is trending downward. The first chart we showed you - the absorption rate - is a direct result of the reduction of properties coming to market in combination with the second chart - which shows the increase in properties SOLD. Trends like this tend to favour sellers.
Historic Median / Average Days On Market Trends for East Hill, Vernon BC Residential Sale
This chart shows the comparison between the average days a property was on the market. ( From Activation to Final Subject Removal) . East Hill, Vernon BC properties generally need less time on the market than in some other neighbourhoods to get sold because of high desirability. East Hill is one of the last markets to be hit by downturn and the first to recover.
Historic Median Sale Price Trend for East Hill, Vernon BC Residential Sales
The chart above shows the upward trend of the Median (middle of the market) sale price by month over the last 7 years. Look at the JUMP last summer! It is mandatory to evaluate the properties that sold to gain understanding of the true TRENDS. A quick look shows only 3 properties built since 2015 in this mix - so there is definitely upward movement in the resale market in this neighbourhood.
Thank you for taking the time to look at our East Hill, Vernon BC market synopsis. Please feel free to share it with your friends and neighbours, and especially anyone you may know that might be looking for help selling or buying in East Hill, Vernon BC.
Chris, Brent, Shelby, & Brell
REALTORS® along with the amazing
Diane, Kendra, Natalya and Yania