Kelowna and Central Okanagan October 2010 Stats

By
Real Estate Agent with Century 21 Assurance Realty Ltd.

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.

 

Complete OMREB Statistics and Statistical Graph for October 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.

 

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

Learn more about my Automatic Email Notification System and start your home search today!

 

Sincerely,

Jason Neumann

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Rainmaker
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Tom Priester
Paradise Sharks - Jupiter, FL
Paradise Sharks

Jason, enjoy seeing your local market statistics which are presented very nicely. I hope that all is well with your business. Cheers!

Nov 13, 2010 08:57 PM #1
Rainmaker
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Jason Neumann
Century 21 Assurance Realty Ltd. - Kelowna, BC
Realtor - www.KelownaRealEstateNews.com

Thanks for the kudos Tom!  Tell me how things are going in your market currently?  I'm always amazed at the varying responses I get when I ask that question of agents across the globe!

Nov 14, 2010 05:43 AM #2
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Rainmaker
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Jason Neumann

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