Market Activity in Vernon BC's East Hill Real Estate Neighbourhood

By
Real Estate Agent with OkanaganRealEstateUmbrella@Sutton Group Lakefront Realty

With the year half over, and the worth of homes as most peoples major financial asset we are working on a series of reports that deal with the Vernon BC Real Estate market - on a neighbourhood by neighbourhood basis.

This is our first post in this series.

Between January 1st and June 30, 2009 there were 60 real estate transactions in Vernon BC's East Hill Neighbourhood - and the breakdown looks like this:

Lots / Acreages= 1 sale

Single Family Homes = 53 sales

Strata Homes= 6

The building lot was listed at a price of $139,000 and sold for $137,000 in 77 days.

The houses that sold were listed at prices from $219,900 to $539,000 and achieved sale prices of $205,000  to $530,000 making the median list price $349,000 and the median or middle of the sale prices $330,000. The average list was $355,805 with the average sale price $342.004. These properties sold in a range of between 8 and 279 days with 85 days being the average time on the market for properties that sold. Twenty nine of the properties that sold had price reductions from the price they originally listed at, with these amounts varying from a low of $4000 to a high of $60,900 with the average reduction being in the area of $14,000

One home sold for 100% of the asking price and in 8 days. The other end of the spectrum saw the seller achieve 85.56% of the listed price at the time of the sale - after a $48,000 reduction or approximately 77% of what they had originally hoped - having listed just at the peak of the market. On average East Hill sellers attained 96.13% of the listed price at sale time when their properties sold. This is a reduction from the years prior.

Looking at pricing from a per square foot perspective, East Hill real estate in Vernon BC was valued from $126.72 to $282.03 per square foot - with the average being $185.00 Slightly more than half the homes sold had 4 or more bedrooms and the home sold in East Hill in the first half of 2009 ranged from 912 square feet to 3805 square feet. All but 7 homes had more than one bathroom.

Homes that sold ranged build date from 1907 to 1998. The average year built calculates at 1929. When we look at where the most amount of sales happened homes were built the 1970's top the list with 20 units of the 53 in total.

 

To look at how this compares to previous years and get an idea of what is currently listed in the East Hill neighbourhood Click Here.

With warmest regards.

See you online,

 Brell ~ Brenda Ellis REALTORwith Okanagan Heat @ Century 21 Executives Realty Ltd 

 

Join us at the Rarearth Jazz and Blues Fest this Summer

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