A Year In Review

Average Residential Sales

 

North Okanagan

Central Okanagan

 

Shuswap

2006

1142

2484

 

511

2007

1146

2745

 

594

2008

693

1757

 

423

2009

825

1910

 

362

2010

650

1639

 

299

2011

598

1646

 

288

Average Year To Date Sales

 

North Okanagan

Central Okanagan

Shuswap

2006

$283,150

$365,533

$266,760

2007

$348,820

$438,546

$334,576

2008

$370,904

$458,071

$358,979

2009

$346,882

$423,658

$333,009

2010

$347,976

$437,229

$330,650

2011

$335,979

$422,186

$319,515

Okanagan – Shuswap Market Update

The annual sales and price stats for the Okanagan-Shuswap area from 2006 to 2011 illustrate some historical patterns. From 2003 to 2007 the market rose fairly aggressively with a dramatic correction in 2008. The median prices dropped about 10% from the peak in 2007, while the higher price range dropped up to 35%, with little change to the lower price range. Between 2010 and 2011 prices dropped on average 3.7 % in the Okanagan-Shuswap area. An interesting point is most of the drop in price was during the first half of the year, with prices leveling off near the end of 2011.

This trend is also evident when you look at the number of sales. Throughout the Okanagan-Shuswap, sales dropped in 2008 and leveled off in 2010 / 2011. However, the number of sales in the last half of 2011 were more than the number of sales during the same period in 2010, illustrating the market has bottomed out. The Real Estate market is all about momentum and if the current trends continue, we will see prices and sales increase slightly for 2012. Looks as though the long recession is over.

Joel Ellams

Joel Ellams

REALTORĀ®
CENTURY 21 Executives Realty Ltd.
Contact Me

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