North Okanagan Real Estate Report - October 2017
This month I wanted to look a little more closely at the residential home sector. What the general stats don't show us is some pretty important information. Did you know that 11% of the houses sold in October were sold at or ABOVE asking price?
Some not just a little above - we saw cases of 7% and 8% over list - which - if we look at the Median (middle of the market value) equals almost $35,000!
At the other end of the scale - 11% of homes sold were done so at more than 10% of asking price. These homes had been under the same active listing agreement for a range of 70 - 1174 days ( yes you read that right- it computes to almost 3.25 years)
Based on MLS® results recorded October 1st - 31st, 2017
Condo/Apartments
| Sales | 18 |
| New Listings | 20 |
| Current Inventory | 71 |
| Number of Months | 4 |
| Sell/Inv. Ratio | 25.35% |
| Days to Sell | 127 |
| Days – Range | 22 to 323 |
| Average Price | $219,932 |
| Median Price | $177,000 |
| Price - Range | $121,500 - $708,000 |
| Hottest Neighbourhood | Vernon City |
Condo/Townhouses
| Sales | 25 |
| New Listings | 21 |
| Current Inventory | 70 |
| Number of Months | 3 |
| Sell/Inv. Ratio | 35.71% |
| Days to Sell | 62 |
| Days – Range | 9 to 384 |
| Average Price | $303,480 |
| Median Price | $290,000 |
| Price - Range | $165,000 - $615,000 |
| Hottest Neighbourhood | Harwood |
Lots & Acreages
| Sales | 17 |
| New Listings | 16 |
| Current Inventory | 332 |
| Number of Months | 20 |
| Sell/Inv. Ratio | 5.12% |
| Days to Sell | 241 |
| Days – Range | 17 to 989 |
| Average Price | $248,500 |
| Median Price | $210,000 |
| Price - Range | $51,500 - $675,000 |
| Hottest Neighbourhood | North BX |
Here is a look at the Monthly North Okanagan Home Sales trend over the last 5 years
Residential Homes
| Sales | 106 |
| New Listings | 85 |
| Current Inventory | 296 |
| Number of Months | 3 |
| Sell/Inv. Ratio | 35.81% |
| Days to Sell | 69 |
| Days – Range | 1 to 1,174 |
| Average Price | $482,400 |
| Median Price | $432,500 |
| Price - Range | $140,000 - $1,195,000 |
| Hottest Neighbourhood | East Hill |
Ratio of Sales vs Inventory 27.04%
If you are thinking of selling in the next 6 months - contact us now to start working on your price and positioning strategy.