Here is an overview of residential real estate sales in the Bella Vista neighbourhood in Vernon, BC.
Status: Sold (117)
Finished Floor Area
MLS is 'OMREB'
Major Area is 'North Okanagan'
Sub-Area is 'BV - Bella Vista'
Sold Date is 1/1/2017 to 12/31/2017
Property Type is one of 'Single Family Residential', 'Strata', 'Manufactured Home', 'Lots and Acreages', 'Recreation'
The property mix in this report contains 84 homes, 2 apartments, 17 townhouses, and 14 land property sales.
Below, we will look at the market trends specific to Bella Visa.
Bella Vista Key Performance Indicator Review 2017
Time frame for the chart above is from Jan 2011 to Dec 2017 and it depicts the absorption rate of real estate specific to the Bella Vista sub area or neighbourhood with the North Okanagan zone.
From 2011 to mid 2013 sellers almost always faced absorptions rate of 2 years or more based on the number of properties on the market compared to the number of sales. Fast forward to 2017 where most of the year there was less than 5 months supply.
Historic Look At Bella Vista Real Estate Sales Volume
This chart reflects the MLS® property sales by month. The trend line shows clearly that sales volume has climbed steadily - although the jagged variation shows the seasonal nature of Okanagan real estate sales activity, with less sales in the winter months.
Historic Trend of Active Listings
You can see that the number of properties brought to the market in recent years is trending downward. The first chart we showed you - the absorption rate - is a direct result of the reduction of properties coming to market in combination with the second chart - which shows the increase in properties SOLD. Trends like this tend to favour sellers.
Historic Median / Average Days On Market Trends for Bella Vista Residential Sale
This chart shows the comparison between the average days a property was on the market. ( From Activation to Final Subject Removal) . Bella Vista properties generally need more time on the market than in some other neighbourhoods to get sold as they are in a higher price point. However - you can see the downward trend over time as market activity has picked up since 2014.
Historic Median Sale Price Trend for Bella Vista Residential Sales
The chart above shows the upward trend of the Median (middle of the market) sale price by month over the last 7 years. Because of the variety of sizes and types of properties sold at Bella Vista (Lots to Lakeshore luxury) the measure of the middle of the market is not as meaningful as it is in other neighbourhoods. It is mandatory to evaluate the properties that sold to gain understanding of the true TRENDS.
Thank you for taking the time to look at our Bella Vista Spall market synopsis. Please feel free to share it with your friends and neighbours, and especially anyone you may know that might be looking for help selling or buying in Bella Vista.
Chris, Brent, Shelby, & Brell
REALTORS® along with the amazing
Diane, Kendra, Natalya and Yania