April 2 - 9, 2023 North Okanagan Home Market Update
What happened in
North Okanagan Home Sales April 2 to 9th, 2023
I hope you had a great Easter Weekend and enjoyed some time with friends and family.
Let's get started with our weekly update and talking about North Okanagan Single Family home sales.
10 homes sold the week of April 2 to April 9th.
Homes averaged only 41 days on the market.
The Average sale price for homes was - are you ready for this? Almost $1.1 Million Dollars!,
2 homes sold at or above the asking price.
1/2 of the Homes sold above Assessment but on average sales were about 3% less than assessed value.
3 homes had price reductions ($5,000, $10,000 & $312,000) and on average, about $34,000 was negotiated off the list price to obtain a sale.
The number of homes currently listed is 295 and rising.
What does that mean?
For Sellers - We have said it before - Your tax assessed value may or MAY NOT be an indicator of the market value of your home. You need to be able to prove it stands against recent comparable sold home prices. There are a lot of people ready to buy just waiting for the right house at the right price.
For Buyers - Almost half the homes sold in about 2 weeks, meaning they likely had an offer in the first few days, so even though inventory is improving slightly, well priced homes are selling fast. All but one of the homes sold this week did so in less than 2 months. Be ready!
If you have any questions about the market or local real estate, please reach out.
We are here to help.