gRAPHS
gRAPHS
Comparative
cOMPARATIVE
From this graph we can see that the Average Days on Market for Mission Meadows is consistently well below the average for Kelowna apartments, with March 2019 being the only exception. The overall average Days on Market for Mission Meadows was 43 days, compared to the Kelowna average of 66! This speaks to the desirability of the Complex and the location.
As expected, the Median Days on Market show similar results to the Average Days on Market. The Median represents the middle of the range of results, while the average represents the sum total divided by the total number of results. Both are usually good metrics, the median can be better in situations where there are extreme outliers that skew the average, like when a few extremely high sale prices increase the average. The overall Median Days on Market for 2019 are 35 days for Mission Meadows and 51 days for Kelowna apartments as a whole.
The List to Sale Ratio represents the sale price as a percentage of the list price. If a home is listed at $100,000 and sells for $90,000, it would have a list to sale ratio of 90%. This graph shows that Mission Meadows generally sell closer to the asking price than the average for Kelowna apartments. This could mean that sellers in Mission Meadows were pricing their homes closer to market value, or that buyers were willing to pay a premium because the demand is greater than the supply.
Months of Inventory is the amount of time that it would take to sell all of the current listings on the market, based on the average number of sales per month. In 2019 there was an average of 2 sales per month in Mission Meadows, so if there are only 2 listings there is said to be 1 month of inventory. Less than 4 Months of Inventory is characteristic of a sellers market, which Mission Meadows had for the majority of 2019. 4-6 months is generally a balanced market while upwards of 6 months usually means it is a buyers market, giving them a bit of a negotiating advantage. Overall the Kelowna apartment market was generally balanced in 2019.
In 2019, Mission Meadows apartments generally sold above the average for Kelowna apartments. This should be welcome news to owners as it shows buyers that these homes are worth paying a premium for. The combination of location and the overall quality of the complex make Mission Meadows a very desirable place purchase real estate. Overall, the 2019 average sale price in Mission Meadows was almost $20,000 higher than the Kelowna average.
As with Days on Market, the Median and Average sale price graphs look very similar. The gap between Mission Meadows and the Kelowna median is noticeably higher than we see for the average sale price (left). The overall median sale price for Mission Meadows in 2019 is a whopping $60,000 above the Kelowna median sale price!
It is interesting to note that although the average sale price is generally higher for Mission Meadows, the average list price is usually lower than the Kelowna average. The difference is made up by the fact that Mission Meadows apartments had a higher list to sale ratio in 2019. The 2019 average for Mission Meadows was $393,131, the Kelowna average was $417,546
As with sale price, the median list price for Kelowna apartments is consistently lower than the average list price. This suggests that a small number of extremely high prices in the apartment market gives an inflated average, meaning the median may be a better reflection of the overall market. The 2019 median for Mission Meadows was $409,900 and the Kelowna median was $369,900
From this graph we can see that the Average Days on Market for Mission Meadows is consistently well below the average for Kelowna apartments, with March 2019 being the only exception. The overall average Days on Market for Mission Meadows was 43 days, compared to the Kelowna average of 66! This speaks to the desirability of the Complex and the location.
As expected, the Median Days on Market show similar results to the Average Days on Market. The Median represents the middle of the range of results, while the average represents the sum total divided by the total number of results. Both are usually good metrics, the median can be better in situations where there are extreme outliers that skew the average, like when a few extremely high sale prices increase the average. The overall Median Days on Market for 2019 are 35 days for Mission Meadows and 51 days for Kelowna apartments as a whole.
As expected, the Median Days on Market show similar results to the Average Days on Market.
The Median represents the middle of the range of results, while the average represents the sum total divided by the total number of results. Both are usually good metrics, the median can be better in situations where there are extreme outliers that skew the average, like when a few extremely high sale prices increase the average.
The overall Median Days on Market for 2019 are 35 days for Mission Meadows and 51 days for Kelowna apartments as a whole.
The List to Sale Ratio represents the sale price as a percentage of the list price. If a home is listed at $100,000 and sells for $90,000, it would have a list to sale ratio of 90%. This graph shows that Mission Meadows generally sell closer to the asking price than the average for Kelowna apartments. This could mean that sellers in Mission Meadows were pricing their homes closer to market value, or that buyers were willing to pay a premium because the demand is greater than the supply.
Months of Inventory is the amount of time that it would take to sell all of the current listings on the market, based on the average number of sales per month. In 2019 there was an average of 2 sales per month in Mission Meadows, so if there are only 2 listings there is said to be 1 month of inventory. Less than 4 Months of Inventory is characteristic of a sellers market, which Mission Meadows had for the majority of 2019. 4-6 months is generally a balanced market while upwards of 6 months usually means it is a buyers market, giving them a bit of a negotiating advantage. Overall the Kelowna apartment market was generally balanced in 2019.
It is interesting to note that although the average sale price is generally higher for Mission Meadows, the average list price is usually lower than the Kelowna average. The difference is made up by the fact that Mission Meadows apartments had a higher list to sale ratio in 2019. The 2019 average for Mission Meadows was $393,131, the Kelowna average was $417,546
As with sale price, the median list price for Kelowna apartments is consistently lower than the average list price. This suggests that a small number of extremely high prices in the apartment market gives an inflated average, meaning the median may be a better reflection of the overall market. The 2019 median for Mission Meadows was $409,900 and the Kelowna median was $369,900
In 2019, Mission Meadows apartments generally sold above the average for Kelowna apartments. This should be welcome news to owners as it shows buyers that these homes are worth paying a premium for. The combination of location and the overall quality of the complex make Mission Meadows a very desirable place purchase real estate. Overall, the 2019 average sale price in Mission Meadows was almost $20,000 higher than the Kelowna average.
As with Days on Market, the Median and Average sale price graphs look very similar. The gap between Mission Meadows and the Kelowna median is noticeably higher than we see for the average sale price (left). The overall median sale price for Mission Meadows in 2019 is a whopping $60,000 above the Kelowna median sale price!