Current Active Central Okanagan MLS Listing Inventory as of February 8,2010:
Single Family Dwellings - 1523 properties (a 15.12% increase from January) including 17 pending offers ranging in value from $284,900 to $999,000
Strata - Condos - 931 properties (a 1.48% decrease from January) with 1 pending offer at $174,800
Strata - Townhomes - 369 properties (a 16.04% increase from January) with 3 pending offer ranging in value from $287,500 to $349,900
Manufactured Homes - 208 properties (a 16.85% increase from January) with 3 pending offers ranging in value from $39,800 to $229,000
Timeshare/Recreation - 36 properties with no pending offers at this time
Lots/Acreages - 666 properties(a 9.72% increase from January) with 2 pending offers on a $179,900 and a $2.195M listing
Total properties for sale - 3,733 Current Inventory (total inventory increase of 402 properties or 11.93% from last month's report)
Inventory is down 11% from January 2009 (4,120 units compared to 4,648) with new listing inventories rose slightly by 15.50% (1,021 compared to 884 in January 2009). The absorption rates or the total number of sold units versus the remaining inventory for condos, townhomes and residential homes continue to stay strong. Warmer weather has brought sellers out of their winter slumber unusually early and it is reflected in the overall inventory levels. Likely many sellers are hoping that with the world's attention being focused on the 2010 Winter Games in Vancouver investors will return en masse to the Okanagan again. The average home in Kelowna has seen a 10% decrease in value from a year ago but with the current strong demand for housing we may see an increase in property values this year. First time home buyers are still enjoying low interest rates and as a result are out there looking and continuing to actively purchase in the Okanagan.
There were some dramatic changes to the residential inventory sales in January 2010 versus January 2009. The most notable changes in sales figures were to single family homes and townhomes. Single family unit sales increased by 121.82% jumping from 55 sales in January 2009 to 122 in January 2010. Townhome sales continue to show strong signs of demand as well increasing 92.31% with 25 sales last month versus 13 sales a year ago. Lot sales saw a sharp increase of activity moving from a mere 1 sale in January 2009 to 16 last month or an increase of 1500%. Total unit sales for the Central Okanagan increased by 123.01% with 113 sales a year ago to 252 sales in January 2010.
Disclaimer: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month. As a result, there may be some lag time in reporting sales and other minor adjustments in the total results are made accordingly.
Below is an overview of Central Okanagan Stats for January 2010:
December Ratio of Sales vs. Total Inventory = 6.12%
Condo -- Sales = 49
Condo -- New Listings = 196
Condo -- Current Inventory = 922
Condo -- Sell/Inv. Ratio = 5.32%
Condo -- Days to Sell = 145
Townhouse -- Sales = 25
Townhouse -- New Listings = 120
Townhouse -- Current Inventory = 384
Townhouse -- Sell/Inv. Ratio = 6.51%
Townhouse -- Days to Sell = 106
Lots -- Sales = 16
Lots -- New Listings = 104
Lots -- Current Inventory = 664
Lots -- Sell/Inv. Ratio = 2.41%
Lots -- Days to Sell = 193
Residential -- Sales = 122
Residential -- New Listings = 412
Residential -- Current Inventory = 1151
Residential -- Sell/Inv. Ratio = 10.60%
Residential -- Days to Sell = 93
Average House Price = $484,065.90
Median House Price = $441,500
If you would like more in depth statistics or have any general questions please contact me at (250) 808-7700 or at jason.neumann@century21.ca
Complete OMREB Statistics for January 2010
Sincerely,
Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
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