Central Okanagan MLS Listing Inventory and Sales for February 2010

Current Active Central Okanagan MLS Listing Inventory as of March 28,2010:

Single Family Dwellings - 1916 properties (393 more properties or a 25.80% increase from February) including 11 pending offers ranging in value from $348,800 to $649,000  

Strata - Condos - 1088 properties (157 more properties or a 16.86% increase from February) with 2 pending offers ranging from $129,800 to $264,800

Strata - Townhomes - 459 properties (90 more properties or a 24.39% increase from February) with 5 pending offer ranging in value from $234,800 to $398,900

Manufactured Homes - 222 properties (14 more properties or a 6.73% increase from February) with 3 pending offers ranging in value from $39,800 to $115,000

Timeshare/Recreation - 39 properties with no pending offers at this time

Lots/Acreages - 750 properties(84 more properties or a 12.61% increase from February) with 1 pending offers on a $2.195M listing

Total properties for sale - 4,474 Current Inventory (total inventory increase of 741 properties or 19.85% from last month's report)

The absorption rates or the total number of sold units versus the remaining inventory for condos, townhomes and residential homes continue to stay strong.  The unusually warmer weather has brought sellers out of their winter slumber and it is certainly reflected in the current inventory levels.  

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 very well 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.  That being said, the federal government's recent announcement to change mortgage lending criteria will take effect April 19,2010 is certain to slow the buying trend down somewhat.

There were some dramatic changes to the residential inventory sales in January 2010 versus January 2009.  The most notable changes in sales figures were in the single family, townhome and condo categories.  Single family unit sales increased by 43.02% jumping from 86 sales in February 2009 to 123 in February 2010.  Townhome sales continue to show strong signs of demand as well increasing 77.78% with 32 sales last month versus 18 sales a year ago.  Condo sales in February 2010 were 57 versus 30 in February 2009, or an overall increase of 90.00%

Lot sales also continue to show sharp increases of activity moving from a mere 3 sale in February 2009 to 16 last month or an increase of 433.33%.  Total residential unit sales for the Central Okanagan increased by 64.90% with 151 sales a year ago to 249 sales in February 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 February 2010:

Ratio of Sales vs. Total Inventory = 6.54% (6.12% in January)

Condo -- Sales = 57 (49 last month)

Condo -- New Listings  = 226 (196 last month)

Condo -- Current Inventory = 996 (922 last month)

Condo -- Sell/Inv. Ratio = 5.72% (5.32% last month)

Condo -- Days to Sell = 120 (145 last month)

Townhouse -- Sales = 32 (25 last month)

Townhouse -- New Listings = 124 (120 last month)

Townhouse -- Current Inventory = 425 (384 last month)

Townhouse -- Sell/Inv. Ratio = 7.53% (6.51% last month)

Townhouse -- Days to Sell = 99 (106 last month)

Lots -- Sales = 21 (16 last month)

Lots -- New Listings = 90 (104 last month)

Lots -- Current Inventory = 651 (664 last month)

Lots -- Sell/Inv. Ratio = 3.23% (2.41% last month)

Lots -- Days to Sell = 282 (193 last month)

Residential -- Sales = 123 (122 last month)

Residential -- New Listings = 473 (412 last month)

Residential -- Current Inventory = 1317 (1151 last month)

Residential -- Sell/Inv. Ratio = 9.34% (10.60% last month)

Residential -- Days to Sell = 68 (93 last month)

Average House Price = $462,456.84 ($484,065.90 last month)

Median House Price = $429,000 ($441,500  last month)

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 February 2010

Sincerely,