2017 Property Sales in Okanagan Landing, Vernon BC
The Okanagan Landing neighbourhood is defined as: All properties on the northwest flank on the Ellison Ridge along the east shore of Okanagan Lake including Ellison Provincial Park, The Outback Resort and Okanagan Landing to the southwest boundary of the old City of Vernon boundary. Here is a look at what sold in 2017 in this sub area of Vernon.
Status: Sold (175)
Finished Floor Area
MLS is 'OMREB'
Major Area is 'North Okanagan'
Sub-Area is 'OL - Okanagan Landing'
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 61 homes, 17 apartments, 47 townhouses, 43 manufactured homes, and 7 land property sales.
Land Sales may include: lot, waterfront lot, acreage and waterfront acreage. While Home sales may include duplex units (half or full), four plex units, single family homes with carriage homes, single family homes on acreage, single family homes within a bare land strata, home, timeshare, or triplex units. Townhouse sales may include detached or semi detached units.
Okanagan Landing 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 Okanagan Landing sub area or neighbourhood with the North Okanagan zone.
From 2011 through 2016 sellers often faced absorptions rate of more than 18 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 6 months.
Historic Look At Okanagan Landing 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 Okanagan Landing Residential Sales
This chart shows the comparison between the average days a property was on the market. ( From Activation to Final Subject Removal) . Okanagan Landing , properties prior to early 2015 generally needed more time on the market than in some other neighbourhoods to get sold. However, right priced properties in Okanagan Landing in 2017 sold very quickly with less than 60 days on market.
Historic Median Sale Price Trend for Okanagan Landing, 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. It shows the steady upward trend and indicates the middle of the market has risen less in Okanagan Landing than in other areas. This may be because of the property mix within the neighbourhood. We will help you look at WHAT sold to make sense of this if you just ask!
Thank you for taking the time to look at our Okanagan Landing , 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 Okanagan Landing , Vernon BC.
Chris, Brent, Shelby, & Brell
REALTORS® along with the amazing
Diane, Kendra, Natalya and Yania