November proved steady though slightly off pace in comparison to last November. With 566 properties being listed in the Central Okanagan which represents a 1.22% decline. The trend of fewer listings has been a continuous theme during this year as inventory levels declined with 9,926 properties being listed which is down 4.82% from last year’s 10,429. Our existing inventory was reduced by the 271 properties that traded hands in November which is down 4.91% from the 285 units sold in November of 2011. Bucking the trend however is year-to-date unit sales which are up 7.65% with 3,717 units sold this year in comparison to the 3,453 that occurred last year. Sales volume trended similarly to unit sales in that it too is up 7.97% year to date at $1,459,386,762. Sales volume continues to be bolstered by record setting affordable interest rates.
The average sale price of single family residential homes in November was $470,578 which is up slightly from our year-to-date average of $468,157. If we include all types of residential properties, such as condominiums, townhomes, mobile homes and duplex’s, average sales for the month of November were $418,654 which is quite strong in comparison to our year-to-date average of $401,821.
Another notable trend is the extended marketing times that our local market is experiencing. Last November, it took 116 days to sell a property while this November it took 131 days to sell, which is up a significant 17.59%. Year to date it has taken 116 days to sell on average in comparison to 2011’s 105 days which is up 10.87%.
Increased year-to-date sales in Duplex’s – 38.46%, Triplex & Fourplex – 25%, Farms – 25%, Multi-family – 33% and Residential and Commercial Land – 26% & 25% are positive market indicators of increased consumer confidence locally. Now if we could just get our recreational/secondary buyers back!