October 2011 Market Statistics

Kelowna, BC The Okanagan Mainline Real Estate Board (OMREB) reported October 2011 sales activity of all MLS® property types remained similar to this time last year and were down slightly from the previous month (September 2011) as the housing market continues to stabilize.

Rob Shaw, OMREB Vice President and REALTOR® in the North Zone.

“With low interest rates continuing to positively impact purchasing power and the home you can afford, now is a good time to buy. New listings are trending downward and inventory is staying in check, but there is still an ample supply and good selection of homes available in our market,” Shaw notes.

“Serious buyers are motivated by well‐priced properties and room to negotiate, so sellers can benefit from working with a professional REALTOR® to price strategically at current values. In this highly competitive market, homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly.”

Source: OMREB www.OMREB.com

Central Okanagan

Houses
Median Price: $417,500
Average Days on Market: 97
Sales: 125
New Listings: 311
Inventory: 1481

Condos
Median Price: $210,625
Average Days on Market: 118
Sales: 50
New Listings: 74
Inventory: 889

Townhomes
Median Price: $350,000
Average Days on Market: 182
Sales: 37
New Listings: 74
Inventory: 507

Lots
Median Price: $207,500
Average Days on Market: 109
Sales: 12
New Listings: 86
Inventory: 634

North Okanagan

Houses
Median Price: $310,000
Average Days on Market: 125
Sales: 51
New Listings: 104
Inventory: 739

Condos
Median Price: $147,000
Average Days on Market: 268
Sales: 7
New Listings: 27
Inventory: 149

Townhomes
Median Price: $257,221
Average Days on Market: 168
Sales: 17
New Listings: 44
Inventory: 239

Lots
Median Price: $220,000
Average Days on Market: 142
Sales: 9
New Listings: 50
Inventory: 289

DISCLAIMER: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month. There may be some lag time in reporting sales and minor adjustments in total results are made accordingly.

Amanda Westrheim

Amanda Westrheim

REALTOR®
CENTURY 21 Assurance Realty Ltd.
Contact Me

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