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North Okanagan Real Estate Report March , 2018

Brenda Ellis

Brenda Ellis, most frequently known as Brell, is a partner, mom, grammie, friend and a REALTOR® you’ll want to connect with...

Brenda Ellis, most frequently known as Brell, is a partner, mom, grammie, friend and a REALTOR® you’ll want to connect with...

Oct 29 2 minutes read


Based MLS® sales reported by REALTORS® on March 1st -  31st

New this month - we are adding our favourite key performance indicator - the Absorption Rate - displayed below as "Months of Inventory" - the time it would take to sell out all active listings, based on the demand at the time. 

At the end of March there was almost 6 months of supply - which indicates some balance in in the market, as opposed to the market favouring buyers in the first 6 years of this chart. 

Criteria: 

Time frame is from Jan 2011 to Mar 2018, MLS is 'OMREB', Major Area is 'North Okanagan' - All property types.


Condo/Apartments

Sales

25

New Listings

40

Current Inventory

73

Number of Months

3

Sell/Inv. Ratio

34.25%

Days to Sell

108

Days – Range

1 to 939

Average Price

$221,455

Median Price

$201,000

Price - Range

$102,000  -  $403,400

Hottest Neighbourhood

Vernon City



Condo/Townhouses

Sales

23

New Listings

53

Current Inventory

93

Number of Months

4

Sell/Inv. Ratio

24.73%

Days to Sell

61

Days – Range

10 to 197

Average Price

$309,852

Median Price

$305,000

Price - Range

$156,000  -  $583,700

Hottest Neighbourhood    

Okanagan Landing


Lots & Acreages

Sales

14

New Listings

37

Current Inventory

296

Number of Months

21

Sell/Inv. Ratio

4.73%

Days to Sell

214

Days – Range

19 to 477

Average Price

$161,464

Median Price

$166,250

Price - Range

$50,000  -  $300,000

Hottest Neighbourhood    

North Okanagan


Residential Homes

Sales

71

New Listings

145

Current Inventory

290

Number of Months

4

Sell/Inv. Ratio

24.48%

Days to Sell

53

Days – Range

2 to 335

Average Price

$478,874

Median Price

$442,500

Price - Range

$178,000  -  $1,500,000

Hottest Neighbourhood    

Armstrong/Spall


Ratio of Sales vs Inventory                 21.52%


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