There were 688 single Family Residential homes sold in Vernon BC in 2015, with sale prices ranging from $90,000 to $3,100,000. Days to sell ranged from-3 days to 1158 days and resulted in an average of 86 days on the market for homes sold.
When we look at market history - we look at the "median" or middle of the market because it it a more stable measure than the average metric. In January of 2006, the median sale price for homes in Vernon was $242,000. This price trended upward for 2.5 years, peaking at $455,625 in July 2008. By March of 2009, the median sale price of homes in Vernon was at $302,000. The low sales point hit January 2013 at $295,000.
At the end of 2015, the Median Home sale price was $385,000 - and increase of $143,000 over 10 years.
The average days to sell a home in Vernon in January 2006 was 83 days - and the number dropped to 62 days in June of that year. By February of 2014, an all time high of an average of 195 was reached. At the end of 2015 on average, homes took 99 days to sell. As for the median - in February of 2006, the median days to sell was as low as 29 and the metric peaked in February 2014 at 167 days. In December of 2015 the median days to sell was 73.
In January 2006, there were 222 homes listed for sale in Vernon, BC. Inventory grew until June 2010 - peaking at 707 homes on the market. In December of 2015 this number had settled to 326 ( up slightly from 314 in 2014)
When you look at the Sales Per Month graph, you can really see the cycles in the Vernon BC home market.
In January 2006, 55 homes sold, and by May 2006 the number of sales had climbed to 103. By January of 2009, the number of homes sold plummeted to 16 and January 2013 was worse, with only 13 home sales. December 2015 saw twice that many sales at 27 homes sold.
Of course, the averages and medians are effected by the mix of what properties sell, so to understand what is going on we also need to look at sales within given price points. Here we will compare 2015 to 2014. The chart shows that 2 sections of the market experienced notable growth - The $300,000 to $400,000 sector and the $700,000 - $800,000 sector.
Certainly at the bottom of the market number of sales were diminished because the properties were "sold out" - there just was not inventory to sell. Increases in the number of sales at the "upper end" of the market could indicate the the higher end properties are finally finding a market value point where buyers and sellers can reach agreement.
Not surprisingly - when we look at the last 10 years of home sales in Vernon, the majority of sales were between $300,000 and $400,000.
All of the factors we have looked at so far impact the amount of lee-way sellers will bend and that buyers can negotiate down. This is the Ratio of the list to sell price. In January 06, on average, sellers obtained 97.7% of asking price and up to 98.2% in May 2008 - a fairly stable .5% range. However, by November 2008 the average ratio plunged to 95.3% and continued to fluctuate between 95% and 97% to mid 2013, where the upward trend continued to 97.6% of asking on average in December 2015.
In February of 2006, at the rate of sales that month - the entire home inventory of homes for sale in Vernon could have been consumed in less than 3 months. Three years later, in February 2009, it would have taken 32 months to accomplish a sell out at the rate of demand seen. By 2010, most months had dropped to around 12 months of inventory and by 2012 most months had less than 10 months supply. This is considered "Balance"in the market between buyers and sellers.
While December 2015 showed 12 months of supply - we did dip into Sellers market (6 months or less) in some neighbourhoods in some months and overall, a few times.
If you are a local buyer, you likely already know that even as detailed as this information is - there are many hyper-local markets within Vernon BC. Many neighbourhoods have their own unique trends and certainly, market conditions vary from a price point status as the sales charts showed. IF you are an out of towner considering relocation - we can help you sort all that out - as well as help you to understand how the process of purchasing might be different here from what you may be used to.
If you are not already in a happy, committed relationship with a realtor we'd love to help.
If, on the other hand, 2016 is your year to sell your home in Vernon please know that as a Certified International Property Specialist, I am a global real estate specialist who knows how to compete in todays international real estate market and have the resources and network to expand marketing beyond borders.
Let's chat about what's next for you in real estate.
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