Well summer came to an abrupt halt in the last week of August here in Kelowna! I noticed a bit more interest from buyers looking into Okanagan real estate, but nothing out of the ordinary for this time of the year. August 2010 sales activity started to pick up as the buyer’s market continues in the Okanagan. While inventory levels are starting to decline and sales volumes are increasing year-to-date with unit sales improving over last month, overall sales figures are down from August 2009.
Inventory levels fell 0.97% compared to last year at this time (to 5,295 from 5,347), and new listings decreased 5.82% over August 2009 (825 compared to 876) - dropping 9.73% from last month (914). While overall sales were down 26.23% compared to last August (to 284 from 385), they improved by 18.82% over this July (239).
Total residential units sold decreased 28.69% over August 2009 (to 261 from 366) but were up 9.92% over last month (215). Sales of single family units decreased 28.41% from last August (to 126 from 176), but were up 10.47% from last month (105). However, total sales activity year-to-date (YTD) has improved 8.62% compared to the first eight months of 2009 (to 2,723 units from 2,507) and sales volumes YTD are up to $1,109,667,466 from $969,939,969 last year.
Ratio of Sales vs. Total Inventory = 6.30%
Condo -- Sales = 73
Condo -- New Listings = 157
Condo -- Current Inventory = 1,047
Condo -- Sell/Inv. Ratio = 6.97%
Condo -- Days to Sell = 89
Average Price: $283,464
Average Median Price: $255,000
Townhouse -- Sales = 36
Townhouse -- New Listings = 105
Townhouse -- Current Inventory = 519
Townhouse -- Sell/Inv. Ratio = 6.94%
Townhouse -- Days to Sell = 94
Average Price: $372,047
Average Median Price: $360,000
Lots -- Sales = 15
Lots -- New Listings = 51
Lots -- Current Inventory = 660
Lots -- Sell/Inv. Ratio = 2.27%
Lots -- Days to Sell = 112
Average Price: $267,387
Average Median Price: $174,000
Residential -- Sales = 126
Residential -- New Listings = 352
Residential -- Current Inventory = 1,743
Residential -- Sell/Inv. Ratio = 7.23%
Residential -- Days to Sell = 78
Average House Price = $496,077
Median House Price = $437,500
Complete OMREB Statistics and Statistical Graph for August 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
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Sincerely,
Jason Neumann