This month I wanted to look a little more closely at the residential home sector. What the general stats don't show us is some pretty important information. Did you know that 11% of the houses sold in October were sold at or ABOVE asking price?

 Some not just a little above - we saw cases of 7% and 8% over list - which - if we look at the Median (middle of the market value) equals almost $35,000! 

At the other end of the scale - 11% of homes sold were done so at more than 10% of asking price. These homes had been under the same active listing agreement for a range of 70 - 1174 days ( yes you read that right- it computes to almost 3.25 years)

Based on MLS® results recorded October 1st -  31st, 2017


Condo/Apartments

Sales

18

New Listings

20

Current Inventory

71

Number of Months

4

Sell/Inv. Ratio

25.35%

Days to Sell

127

Days – Range

22 to 323

Average Price

$219,932

Median Price

$177,000

Price - Range

$121,500  -  $708,000

Hottest Neighbourhood

Vernon City



Condo/Townhouses

Sales

25

New Listings

21

Current Inventory

70

Number of Months

3

Sell/Inv. Ratio

35.71%

Days to Sell

62

Days – Range

9 to 384

Average Price

$303,480

Median Price

$290,000

Price - Range

$165,000  -  $615,000

Hottest Neighbourhood    

Harwood

Lots & Acreages

Sales

17

New Listings

16

Current Inventory

332

Number of Months

20

Sell/Inv. Ratio

5.12%

Days to Sell

241

Days – Range

17 to 989

Average Price

$248,500

Median Price

$210,000

Price - Range

$51,500  -  $675,000

Hottest Neighbourhood    

North BX

Here is a look at the Monthly North Okanagan Home Sales trend over the last 5 years

Residential Homes

Sales

106

New Listings

85

Current Inventory

296

Number of Months

3

Sell/Inv. Ratio

35.81%

Days to Sell

69

Days – Range

1 to 1,174

Average Price

$482,400

Median Price

$432,500

Price - Range

$140,000  -  $1,195,000

Hottest Neighbourhood    

East Hill


Ratio of Sales vs Inventory                 27.04%

If you are thinking of selling in the next 6 months - contact us now to start working on your price and positioning strategy.