2017 Property Sales in The Foothills, Vernon, BC
Here is our HOLM Report specifically for the Foothills neighbourhood in Vernon BC for 2017.
Status: Sold (64)
Finished Floor Area
MLS is 'OMREB'
Major Area is 'North Okanagan'
Sub-Area is 'FH - Foothills'
Sold Date is 1/1/2016 to 12/31/2016
Property Type is one of 'Lots and Acreages', 'Manufactured Home', 'Recreation', 'Single Family Residential', 'Strata'
The property mix in this report contains 57 homes, 2 townhouses, and 5 land property sales
The Foothills, Vernon BC Key Performance Indicator Review 2017
Time frame for the chart above is from Jan 2011 to January 2018 and it depicts the absorption rate of real estate specific to the the Foothills, Vernon BC sub area or neighbourhood with the North Okanagan zone.
From 2011 to early 2015 sellers often faced absorptions rate of more than 24 months based on the number of properties on the market compared to the number of sales. Fast forward to 2017 where much of the year there was often less than 3 months supply!
Historic Look At the Foothills, Vernon BC 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 the Foothills, Vernon BC Residential Sale
This chart shows the comparison between the average days a property was on the market. ( From Activation to Final Subject Removal) . The Foothills, Vernon BC properties prior to early 2015 generally needed more time on the market than in some other neighbourhoods to get sold. However, right priced properties in the Foothills in 2017 sold very quickly with average days on market below 2 months most of the year.
Historic Median Sale Price Trend for the Foothills, Vernon BC 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. Look at that increase! Part of that is because the Foothills has a supply of new construction inventory. However you look at it, an increase of near $300,000 to the middle of the market is significant to all properties in the area.
Thank you for taking the time to look at our the Foothills, Vernon BC 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 the Foothills, Vernon BC.
Chris, Brent, Shelby, & Brell
REALTORS® along with the amazing
Diane, Kendra, Natalya and Yania