September 2017 North Okanagan Real Estate Market Update

Here is a look at the Absorption rate trend in North Okanagan real estate. That is - the number of months it would take to consume the available listings, based on the previousl months demand.

North Zone : (Predator Ridge to Enderby): 

The chart below shows the downward trend starting in January of 2013. It also clearly shows the seasonal, cyclical nature of our local real estate market. Currently - there is just over 6 months of market supply in the North Okanagan real estate zone. That is up from a low of 4..10 months earlier (May) 2017. The worst ratio of supply and demand in the last ten years occurred in January 2009, when there was over 37.5 MONTHS of inventory available at the rate of demand.

 Meanwhile - in September 2017 the following happened in North Okanagan Real Estate

Top of the Market:

516 Middleton Close, Coldstream, V1B 4E7
MLS® #:
10139411
Status:
Sold


Zone:
North Okanagan
Sub Area:
MMC-Middleton Mountain Coldstream


Price:
$975,900
Orig Price:
$989,900
Sold Price:
$940,000
Days to Sell:
54

Marketed as:

Exquisite custom built home featuring plenty of living space, lots of natural day light and great unobstructed views of Coldstream Valley & Monashee Mountains. This 4 bdrm, 3 bath home still feels like new with no expense spared, exceptional interior finishing with hardwood floors, custom cabinets, granite counters, stone fireplace. Enjoy the open concept living with large kitchen area, island, top end stainless steel appliance, hot water on demand and oversize garage with ample storage. Seperate entrance to a large bonus room under garage could easily be converted into an in-law suite. Great family neighbourhood located in a quiet Cul-De-Sac. Private backyard, East facing deck, backing onto ALR land with walking trails and parks nearby. 


Here is a look at the numbers from OMREB - for the North Okanagan Residential MLS® real estate market in .  The following charts are based on September 1st  - 30th  

Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. 

Condo Apartment
 
Listings Sold
 16
New Listings
 11
Current Inventory
 75
Absorption Rate Sell/List
 21.33%
Months of Inventory on Hand
  5 Months
Days to Sell (Average)
 146
Days to Sell (Range)
 17  to  712
Average Sale Price
$198,625
Median Sale Price
$170,000
Range of Sales Prices
$116,000 - $316,000

Hottest Neighbourhood
 Vernon City


 

Condo Townhouse
 
Listings Sold
 30
New Listings
 25
Current Inventory
 78
Absorption Rate Sell/List
 38.46%
Months of Inventory on Hand
   3 Months
Days to Sell (Average)
 60
Days to Sell (Range)
 4  to  219
Average Sale Price
$376,067
Median Sale Price
$355,125
Range of Sales Prices
$119,900 - $1,392,000

Hottest Neighbourhood
 Vernon City
Building Lot
 
Listings Sold
 11
New Listings
 24
Current Inventory
 355
Absorption Rate Sell/List
3.10%
Months of Inventory on Hand
  32 Months

Days to Sell (Average)
 165
Days to Sell (Range)
 26  to  513
Average Sale Price
$256,127
Median Sale Price
$281,000
Range of Sales Prices
$51,500 - $498,900

Hottest Neighbourhood
  Bella Vista

Residential Homes
 
Listings Sold
 103
New Listings
 104
Current Inventory
 367
Absorption Rate Sell/List
 28.07%
Months of Inventory on Hand
  4 Months

Days to Sell (Average)
 56
Days to Sell (Range)
 4  to  320
Average Sale Price
$460,778
Median Sale Price
$427,500
Range of Sales Prices
$125,000 - $940,00
Hottest Neighbourhood
 East Hill

Ratio of Sales vs Inventory      24.50%

 Totals include variables in any given due to previous month’s collapsed sales and deleted listings. e & eo