Friday, 4 May 2012

HIGGINS REPORT ON THE MARKET.

The Okanagan Mainline Real Estate Board
reported MLS® Total Residential Unit Sales were up
8.08% in the month of April with 321 sales in comparison
to the 297 which occurred in 2011. Year-To-
Date however total residential sales were up only
marginally at 3.43% with 1087 this year in comparison
to 1051 in 2011.
April was a strong month for apartment style
unit sales which were up 23.53% last month over
previous year with 63 sales reported in 2012 vs. 51
last year. Year-To-Date apartment sales are up
18.09% with 235 units sold this year in comparison
to the 199 sold last year. This is a great news for our
strata/condominium market as we currently have
913 apartment units on the market representing
15.5 months of inventory based on 2012 monthly
YTD unit sales levels.
Similarly OMREB’s average residential sale price
held its own for the month of April coming in at
$482,093 which is up only .21% from 2011’s April
average of $481,077. Year-To-Date however averages
are down 3.39% for Residential properties
coming in at $452,859 this year vs. $468,732. When
we factor in all types of Residential Real Estate the
Average Sale Price drops 2.36% from last year to
$384,484 vs. $393,764. The length of time listings
are on the market has been extended over last year
with 2012 YTD Days to Sell coming in at 102 vs. 96 in
2011.
At RE/MAX Offices within the Central Okanagan
things are looking up with our Average Unit Sales
Up 10% over last year, our Average Residential Total
Sale Price is up to $398,195 which is higher than the
OMREB Average and our YTD Days to Sell is down to
88 Days which is the lowest reported for all major
brokerage firms and 31% lower than the average of
our competitors!
Home market values depend on a variety of
factors such as location, inventory, condition and
completion.

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