Happy New Year! May 2023 be brighter, better, and more prosperous than all your years combined! To start the year off right, let's have a look at the latest market information for Vernon, B.C. & the surrounding area.

 

THE MARKET

 

Sales & Listings

 

There were a total of 63 homes sold in Vernon in December 2022. In fact, December's total number of homes sold decreased by 36 total sales compared with November 2022.

 

Interestingly, there were 2075 homes sold throughout the year.

 

Vernon's listings also continued to decrease in December. There were 72 homes listed in December, whereas we saw 159 new listings in November.  While this decrease in the number of new listings is significant, December in Vernon, B.C is notorious for slow activity both for Sellers and Buyers.

 

Nevertheless, Vernon remains a strong Buyer's Market with an 87.5% monthly sales to new listings ratio. 

 

Prices

 

Vernon home prices shifted again in December.

 

Single Family Homes in Vernon averaged $718,285 (Median $713,200). Compared to November, December's average increased by 3.69%, the median by 7.21%. The HPI (Home Price Index) declared the December Benchmark price $717,100.

 

Townhomes in Vernon, BC averaged $487,503 (Median $402,500). Compared to November, December's average increased by 3.78%, and the median decreased by -12.73%. The HPI declared the Benchmark price $575,400. 

 

Condos & Apartments in Vernon averaged $291,000 (Median $299,000). Compared to November, December's average decreased by 12.57%, whereas the median decreased by 4.78%. The HPI declared the Benchmark price $315,300.

 

CONCLUSION

 

What, if anything, can we discern from these numbers? Well, we know that prices and sales have both generally decreased since the BOC started raising rates last year. However, it remains quite clear that prices in Vernon, BC, and the surrounding area remain quite strong.  The national average for a single-family home is $632,802. Vernon's average is $718,285.  I do not foresee there being large changes in the short-term future. Instead, I see things remaining reasonably steady, if not slowly beginning to reverse as the snow melts. What are your thoughts?  

 

If you'd like to discuss the real estate market further or to start your home-buying journey, please email me at michaeljones@yourkelownahomes.com or call me at 250-258-4663. 

 

 

 

 

 

 

 

 

 

 

 

*All statistics are from The Association of Interior Realtors and/or the Canadian Real Estate Association, all interpretations are my own. The market is subject to change, so before making any decisions based on these interpretations, please contact your preferred Realtor to discuss. Keep in mind, all market reports are based on the previous month's stats.