Ratio of Sales vs. Total Inventory = 6.31%
Condo -- Sales = 44
Condo -- New Listings = 134
Condo -- Current Inventory = 921
Condo -- Sell/Inv. Ratio = 4.78%
Condo -- Days to Sell = 128
Average Price: $244,118
Average Median Price: $216,250
Townhouse -- Sales = 32
Townhouse -- New Listings = 79
Townhouse -- Current Inventory = 456
Townhouse -- Sell/Inv. Ratio = 7.02%
Townhouse -- Days to Sell = 89
Average Price: $316,619
Average Median Price: $315,000
Lots -- Sales = 10
Lots -- New Listings = 102
Lots -- Current Inventory = 596
Lots -- Sell/Inv. Ratio = 1.68%
Lots -- Days to Sell = 147
Average Price: $345,390
Average Median Price: $212,500
Residential -- Sales = 132
Residential -- New Listings = 293
Residential -- Current Inventory = 1,483
Residential -- Sell/Inv. Ratio = 8.90%
Residential -- Days to Sell = 91
Average House Price = $466,382
Median House Price = $425,000
The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported October 2010 sales activity of all MLS® property types increased from last month but continues to be well down from sales reported this time last year. A sharp decline in new listings continues to bring down overall inventory levels; however, there is still plenty of selection for Buyers.
The listing inventory historically at this time of year sees a sharp decline as Sellers opt to wait for the following Spring to relist their properties. The prevailing mentatilty amongst these types of Sellers is that there are not many Buyers looking at homes during the Winter months. The truth is there are better quality showings in the late Fall and Winter months as Buyers looking at this time of year are quite serious and need to purchase. Those Sellers that choose to stay the course over the Winter are actually quite pleased they decided not to remove their homes from the marketplace!
Active listings fell 3.81% compared to last year at this time, and new listings taken in October were down 14.98% over October 2009 (755 compared to 888) and they also declined 14% from last month (875). While overall sales declined 37.56% compared to last October (to 271 from 434), year to date units sold have only declined 3.45%.
Total residential units sold decreased 39.66% from October 2009 (to 245 from 406) but improved marginally over last month. Year to date total sales volume for all property types is only 0.57% off 2009 year to date sales volume.
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.
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