2017 Property Sales in Okanagan North
Okanagan North Key Performance Indicator Review 2017
Time frame for the chart above is from Jan 2011 to Dec 2017 and it depicts the absorption rate of real estate specific to the Okanagan North sub area or neighbourhood with the North Okanagan zone.
From 2011 to mid 2013 sellers faced absorptions rate of 2-6 years - based on the number of properties on the market compared to the number of sales. Fast forward to 2017 where there was less than 10 months supply half of the time!
Historic Look At Okanagan North 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 lower volumes in the winter months.
Historic Trend of Listings Activated
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.
Historic Median / Average Days On Market Trends for Okanagan North Residential Sale
This chart shows the comparison between the average days a property was on the market. ( From Activation to Final Subject Removal) . Okanagan North properties generally need more time on the market to get sold - but you can see that toward the end of 2017 properties priced right were moving faster.Historic Median Sale Price
Trend for Okanagan North Residential Sales Price
The chart above shows the upward trend of the Median (middle of the market) sale price by month over the last 7 years. In 2011 the middle of the market was under $225,000 more than half the time, whereas it was over $275,000 half of the time in 2017!
Thank you for taking the time to look at our Okanagan North Spall 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 North.
Chris, Brent, Shelby, & Brell
REALTORS® along with the amazing
Diane, Kendra, Natalya and Yania