North Okanagan Home Market Update March 25,th 2023
Chris Holm & Associates
We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan. We are a true real estate co...
We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan. We are a true real estate co...
What happened in
North Okanagan Home Sales the 12th to 19th of March
Are you wondering how recent home sale values compare to tax assessed valuations? Stay tuned as we break it down later in this post.
This information relates to the sale of North Okanagan Single Family homes only.
11 homes sold the week of March 12 - March 19.
Homes averaged only 38 days on the market with an average sale price of just over $635,000.
1 home sold at the asking price and 3 sold for between $100 and $37,000 over the list price.
On average, about $9400 was negotiated off the list price to obtain a sale.
The number of homes currently listed is 263, up ever so slightly again.
Now - about that assessed value concept… on average homes sold for about 2 1/2% less than the assessment or a little more than $12,000 below.
3 homes sold for MORE than the tax assessed valuation, in one case over $84,000 more. On the other hand, one property sold for more than $100,000 UNDER assessed value.
What does that mean?
For Sellers - Research, research, research! Pricing is Critical. Make sure your realtor demonstrates how they will justify the price point of your home, and ensure they are prepared to back it up!
For Buyers - Many sellers accepted $20,000 or more off the asking price during negotiations - What is your negotiation strategy?
Can your agent get you the home you want at a price that works for you? Talk about this BEFORE you find your dream home.
As always, if you have any questions about the market or local real estate, please reach out.
We are here to help.
WHAT HAPPENED PREVIOUSLY?
