Looking for a CLUE as to what's going on in North Okanagan Real Estate?

 Here is our monthly update on the North Okanagan Real Estate Market. In addition we have added statistics and charts to give you some perspective on how the market has changed and is changing from May 2007 through May 2009. As always we are happy to answer your personal real estate questions. 

Residential

  

New Listings

172

Listings Sold

102

Median Price

$327,588

Range

$79,500 - $1,646,000

Days to Sell

111

Range Days to sell

1-387

Inventory

750

Hottest Neighbourhood

East Hill

 

Condo / Apartment

  

New Listings

31

Listings Sold

11

Median Price

$143,000

Range

$76,000 - $253,000

Days to Sell

125

Range Days to Sell

24-236

Inventory

164

Hottest Neighbourhood

Mission Hill

 

Condo / Townhouse

  

New Listings

48

Listings Sold

23

Median Price

$271,000

Range

$146,000 - $458,500

Days to Sell

145

Range Days to Sell

10-357

Inventory

240

Hottest Neighbourhood

Bella Vista -Heritage Dr.

 

Building Lot

  

New Listings

28

Listings Sold

6

Median Price

$125,000

Range

$106,000-$130,000

Days to Sell

218

Range Days to Sell

50-440

Inventory

388

Hottest Neighbourhood

Armstrong

 Here is an overview of what we watch to indicate market trend

 

You can see that while inventory levels are still significantly higher than they were in 2007 - they are almost 1/3 less than they were last summer and starting to show some stability.

The absorbsion rate corroborates the turnaround and shows a more normalized rate...relatively speaking.. in 2006 think q-tip, 2007, Bounty, at the end of 2008 - industrial shop vac... and now... back into a good paper towel.

This chart shows how market activity plays out.. new listings coming onto the market vs listings sold in each given month. It adds dimention to the inventory level and absorbsion - and clearly shows how the market is moving (or NOT moving when you look at the summer of 2008.

All of this leads us to price....

As you can see - the median price is starting to climb - we cannot call this a trend yet.. but based on all of the other factors illustrated - we can be relatively confident that the worst may have passed.

With interest rates low - and money available for qualified buyers - it is a great time to be looking at moving up or adding property to your portfolio.

We are happy to provide you with specific market information on your property type, neighbourhood or individual criteria and work with you to realize your property goals.

Visit our Market Wize page to be in the know about North Okanagan Real Estate statistics.

Warmest regards

Warmest regards,

 Brell ~ Brenda Ellis REALTOR with Okanagan Heat @ Century 21 Executives Realty Ltd 

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