I’m putting this post together while I do a market evaluation in prep to meet with a prospective seller this afternoon. The home is located in South Vernon – so I am focusing on the real estate activity that occurred there in 2010 as well as a look back over the trends from 2005 for this neighbourhood, and will share the results with you.
South Vernon is a small neighbourhood tucked in the area between Okanagan Avenue and Vernon Creek, south from 43A Street to Graham Park. As such it forms a relatively small part of the overall North Okanagan real estate picture. For more information about South Vernon, visit our South Vernon webpage. When I ran my 2010 neighbourhood stats these were the numbers:
In 2010, the total value of real estate traded in South Vernon was $5,755,500. This equates to approximately 1% of the total value of real estate sold in the North Okanagan in 2010 and represented 24 sales in total. A late transaction was posted, and as of today, the numbers look like this for 2010:
South Vernon 2010 Properties: Sold (25) | |||||||
List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area | ||
Min | $149,900 | $142,000 | 11 | 2 | 1 | 955 | |
Max | $499,000 | $480,000 | 236 | 5 | 3 | 3700 | |
Avg | $247,452 | $236,500 | 81 | 3 | 2 | 1556 | |
Sum | $6,186,300 | $5,912,500 | |||||
This Chart shows how 2010 sales volume compared to previous years in this neighbourhood:
And this pie chart shows the classifications of what sectors of residential real estate were sold in 2010:
The metrics for the strata properties sold looked like this:
South Vernon 2010 Strata Properties Sold (5) | |||||||
List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area | ||
Min | $149,900 | $142,000 | 58 | 2 | 1 | 955 | |
Max | $204,900 | $188,000 | 236 | 3 | 2 | 1460 | |
Avg | $174,920 | $164,800 | 131 | 3 | 1 | 1172 | |
Sum | $874,600 | $824,000 | |||||
These sales further broke down into the following Sub categories:
· Townhouse (3)
o Maple Ridge,
o Willow Gardens(2)
· Townhouse – semi detached (1)
o Willow Gardens and
· Fourplex (1)
In the Single Family residential home category – sales were divided up into the following sub categories:
It is important to keep these numbers in mind when you look at the pricing information for South Vernon. The proportion of half duplex and fourplex units in the mix equates to more than 50% of the sales – thus impacting the average price substantially. This also paints a picture as to the neighbourhood make up of the South Vernon sub area of North Okanagan real estate. It is an area where there is a large concentration of these wholly owned (not stratified) properties.
Broken down into subcategories the sales results looked like this:
South Vernon 2010 Fourplex Units Sold (4) | |||||||
List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area | ||
Min | $164,900 | $157,000 | 46 | 2 | 1 | 1336 | |
Max | $499,000 | $480,000 | 158 | 3 | 2 | 3700 | |
Avg | $271,975 | $261,250 | 90 | 3 | 2 | 2104 | |
Sum | $1,087,900 | $1,045,000 | |||||
South Vernon 2010 Half Duplex Units Sold (7) | |||||||
List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area | ||
Min | $205,000 | $185,000 | 17 | 2 | 1 | 960 | |
Max | $277,000 | $267,000 | 212 | 4 | 2 | 1800 | |
Avg | $231,357 | $218,500 | 56 | 3 | 2 | 1426 | |
Sum | $1,619,500 | $1,529,500 | |||||
South Vernon 2010 Single Family Homes Sold (9) | |||||||
List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area | ||
Min | $199,900 | $197,500 | 11 | 2 | 2 | 1040 | |
Max | $335,000 | $325,500 | 176 | 5 | 3 | 2215 | |
Avg | $289,367 | $279,333 | 68 | 3 | 2 | 1628 | |
Sum | $2,604,300 | $2,514,000 | |||||
And finally – a look at the sold price trends in South Vernon:
Details on properties sold in South Vernon in 2010 are available on our webpage.
I’m off to look into more specifics for my potential client. If you have more questions on South Vernon or any Okanagan Shuswap real estate I am only a call or click away and happy to help.
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
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