Sales figures were down across the board in all categories in September 2010 for the Central Okanagan. That being said the most surprising stat is the YTD sales for 2010. Although there was only a slight 1.51% increase in total YTD sales; when one considers the more difficult mortgage qualifications today and recent implementation of BC's HST that figure becomes very encouraging. Canadian economists are now suggesting that Canada is out of recession citing more job creation as one key indicating factor. The reality is that Buyers abroad are skeptical that the local real estate market is as good as it gets for their purchasing dollars. Many of the Buyers I talk to feel that the market will see another dip very soon. However, the Sellers I talk to feel that the market is starting to improve and expect sales figures to reflect that notion. One thing is certain and that is real estate historically is a good investment so timing is everything!
Inventory fell 3.76% compared to last year at this time (to 5,045 from 5,242), and new listings were down 13.65% over September 2009 (873 compared to 1,011) but improved 5.81% from last month (825). Overall sales declined 45.16% compared to last September (to 221 from 403), and dipped by 22.18% over this August (284).
Total residential units sold decreased 44.68% over September 2009 (to 208 from 376) and were down 20.3% over last month (261). Sales of single family units dropped 44.55% from last September (to 117 from 211), and were down 7.14% from last month (126). However, total sales activity year-to-date (YTD) has improved slightly (1.51%) compared to the first nine months of 2009 (to 2,954 units from 2,910) and sales volumes YTD are up to $1,202,793,720 from $1,129,295,103 last year.
Complete OMREB Statistics and Statistical Graph for September 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
Ratio of Sales vs. Total Inventory = 5.11%
Condo -- Sales = 37
Condo -- New Listings = 158
Condo -- Current Inventory = 988
Condo -- Sell/Inv. Ratio = 3.74%
Condo -- Days to Sell = 105
Average Price: $234,800
Average Median Price: $218,000
Townhouse -- Sales = 33
Townhouse -- New Listings = 87
Townhouse -- Current Inventory = 493
Townhouse -- Sell/Inv. Ratio = 6.69%
Townhouse -- Days to Sell = 109
Average Price: $341,088
Average Median Price: $332,000
Lots -- Sales = 5
Lots -- New Listings = 71
Lots -- Current Inventory = 613
Lots -- Sell/Inv. Ratio = 0.82%
Lots -- Days to Sell = 92
Average Price: $217,180
Average Median Price: $195,000
Residential -- Sales = 117
Residential -- New Listings = 392
Residential -- Current Inventory = 1,666
Residential -- Sell/Inv. Ratio = 7.02%
Residential -- Days to Sell = 92
Average House Price = $466,382
Median House Price = $425,000