Status: Sold (76)
Finished Floor Area
MLS is 'OMREB'
Major Area is 'North Okanagan'
Sub-Area is 'MH - Mission 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 55 homes, 20 apartments, and 1 townhouse.
Mission 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 Mission Hill, Vernon BC sub area or neighbourhood with the North Okanagan zone.
From 2011 to early 2016 sellers often faced absorptions rate of more than 12 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 often less than 5 months supply!
Historic Look At Mission 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 Mission 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) . Mission Hill, Vernon BC properties prior to early 2016 generally needed more time on the market than in some other neighbourhoods to get sold. However, right priced properties in Mission Hill in 2017 sold very quickly with average days on market below 3 months most of the year.
Historic Median Sale Price Trend for Mission 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. As you can see, the middle of the market value has continued to rise over time, though the amount of the increase is smaller than in some other neighbourhoods.
Thank you for taking the time to look at our Mission 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 Mission Hill, Vernon BC.
Chris, Brent, Shelby, & Brell
REALTORS® along with the amazing
Diane, Kendra, Natalya and Yania