If you would like to get a perspective of what is selling and for how much in your area, you can! Just click HERE and you will go to the Okanagan Mainline Real Estate Board and be able to view the statistics by month and in your area of the Okanagan!
So.....What's been happening in the market for the month of May 2010? Well.......
There have been 211 new listings added this month to make a total of 548 single family homes available for sale right now in the North Okanagan zone. This area is comprised of the following neighbourhoods:
Adventure Bay, Ashton Creek/Mabel Lake, Alexis Park, Armstrong/Spallumcheen, Bella Vista, Cherryville, City of Vernon, Commonage, Coldstream, Creighton Valley, enderby/Grindrod, East Hill, Foothills, Harwood, Lavington, Lumby Valley, Mission Hill, Mabel Lake South, North BX, Okanagan Landing, Okanagan North, Predator Ridge, South BX, Salmon Valley/Falkland, Sugar Lake, Silver Star, South Vernon, Swan Lake West, Trinity Valley, Westmount, Whitevale.
This time last year, May 2009, there were 161 new listings added to make a total of 422 homes available for sale. So while there are more homes listed this month as compared to this time last year making more homes over all available this year than last year, the question is are they selling faster?
There were 68 homes sold last month making a total of 336 homes sold for the year 2010 to date. This time last year, there were 99 homes sold so things seem to be slowing down, but are they and if so, why? The average price paid for a property in May was $373,835.12 compare that to $354,216.90, the average price paid for a home in the North zone this time last year. The average home price has risen therefore by 5.54%.
Prices are rising but if we look at the list price of a home and compare it to the sale price we will see that people are getting closer to what they ask for when they sell their home! That's good news. If the home is listed at current market value then it has a greater chance of attracting immediate interest and sells for pretty close to asking price. If the home is listed at too high a price then interest may just be passing curiousity and the home sits on the market way too long possibly attracting low ball offers or the seller must then reduce their list price to invigorate renewed interest. The list to sell price ratio for this year is 96.44% as compared to 92.19% of last year. That means that homes are listing at very close to their value.
If you would like more information on how to list your home with our team and attract buyers right away then give us a call and we would be happy to sit down with you and talk about the correct list price.
Here is a link to the North Okanagan Stats for this month http://onlineoffice.century21.ca/PublicStorage.c?ID=635b6449-18c6-4d3a-b3f5-3531bd935cb2
That's all for this months statistics - talk with you soon