The Okanagan Mainline Real Estate Board posts stats monthly and you can view them by clicking HERE .
In review of the Single Family Residential Market...
There were 178 new Single Family Residential Homes listed in February which is 60.36% more than what was listed in February, last year. That puts our total inventory as of February 28, 2010 at 604 vs 645 last year. So, while there are more new listings, our overall inventory is continuing to come down due to increased sales.
Last month, 44 Single Family Residental Homes sold, as compared to 37 in February, 2009. To date, there have been 88 houses sold, which is up 37.5% from 64 last year. We're seeing sellers receive an average 96.75% of their asking price so far this year. This is fantastic news considering that by the end of February 2009, sellers were seeing on average just 89.95% of their asking price.
Does this mean sellers are getting more money on the sale of their home? The average price per house, year to date February 28, 2010, has gone down 2% to $366,574. Sellers are pricing their homes at market value, thus attracting higher offers. What this means is is that the closer to market value the home is listed, the higher the sale price and the faster the house sells. So far this year, it is taking on average 107 days to sell a house, as compared to 120 days over the same period last year.
By the end of the year, it took on average 106 days to sell a house in 2009 for 92.03% of the asking price. My Single Family Residential clients, who listed and sold with me in 2009, sold their homes for in an average of 56.6 days! Also in 2009 I was able to negotiate for them an average of 94.69% of their asking price. On a $300,000 home, that's $7,980 more than the board average!
Please give me a call if you have any questions regarding the market of it you'd like to talk about how I may be able to help you get your home sold.
Cheers, Paige Gregson
*Source of information: Okanagan-Mainline Real Estate Board