North Okanagan Home 2 Week Market Update
What happened in
North Okanagan Home Sales the 19th of March - April 2, 2023
Hope everyone had a fantastic Spring Break and those of you with kids, I'm sure you are happy School is back in session.
We took a week off ourselves and back at it to bring you the weekly stats to help give you the knowledge you need to succeed in the current real estate market.
Just a reminder, this information relates to the sale of North Okanagan Single Family homes only.
32 homes sold over the past 2 weeks from March 19 to April 2.
Homes averaged 61 days on the market. The Average sale price for homes was just over $822,000, 8 homes sold at or above the asking price. 6 homes had significant price reductions (Between $20,000 and up to $150,000) before obtaining a sale.
On average, approximately $33,000 or 4% was negotiated off the list price of the remaining 24 homes that sold below asking price.
The number of homes currently listed is 291, slowly increasing as we move into this spring market.
What does that mean?
For Potential Sellers - Will you win the assessment value lottery? Most homes sold below assessed value. The Sale price on one home was $365,000 less than the assessment. What ever your list price is, be prepared to back it up with solid comparables.
For Buyers - More inventory is expected to hit the market as we move into April, May and June. Sellers are slowly beginning to understand that they do not have all the power as they had in 2022 to mid 2022.
We hope you find these updates useful and informative. If you have any questions about the market or local real estate, please reach out. We are here to help.