January turned out to be a strange month for Real Estate. Here's a summary of the latest market information for Vernon & the surrounding North Okanagan:
THE MARKET
Sales & Listings
There were a total of 64 homes sold in Vernon & North Okanagan during January 2023. That's exactly 1 more home sold YTD than in December 2022.
And while listings were quite low in December of 2022 (only 72), January saw 203 new listings pop onto the market. That's a 182% increase in listings month to month. Like the current Kelowna market, local inventory is up up up! Unfortunately for the majority of home sellers in Vernon & the entire North Okanagan, it's a strong Buyer's Market.
Homes in the area are still selling reasonably close to the listing price. January sale prices compared with listing prices were roughly 3.5% below asking as an average. There were, however, several that sold at asking, and even a few that sold over asking price.
Prices
Home prices shifted again in January.
Single Family Homes in Vernon Averaged $787,621 (Median $728,000). Compared to December, January's average increased by 9.7%, the median by 2.07%. The HPI (Home Price Index) declared a Benchmark price of $696,500.
Townhomes in Vernon Averaged $449.791 (Median $455,000). Compared to December, January's average decreased by 7.73%, whereas the median increased by 13.04%. The HPI declared a Benchmark price of $551,100.
Condos & Apartments in Vernon Averaged $303,383 (Median $314,000). Compared to December, January's average increased by 4.25%, the median by 5.01%. The HPI declared a Benchmark price of $310,000.
CONCLUSION
What, if anything, can we discern from these numbers? Well, we know that prices and sales have both decreased since the BOC started raising rates last year. However, the prices in Vernon and North Okanagan appear to be a bit skewed. With such few sales occurring overall, the price averages and median should be somewhat ignored. Instead, I recommend looking at the Benchmark prices. That, in my honest opinion, better represents what's selling for what prices in Vernon and North Okanagan. 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.