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!
Showing posts with label homes for sale. Show all posts
Showing posts with label homes for sale. Show all posts
Saturday, 8 December 2012
Tuesday, 11 September 2012
Kelowna Real Estate
The Kelowna real estate sales are up and continues to climb in August
with sales and dollar values on the rise. Just released figures from
the Okanagan Mainline Real Estate Board shows that last month, sales of
all kinds residential, commercial and institutional numbered 395 up from
305 in August of 2011.
The value of properties changing hands was $172.1 million a jump from the $121.2 million in August 2011. The growth that started in the spring has continued through the summer with real estate sales recovering. The average selling price of a single family home in August was $488,100 up from $472,700 in August 2011. Condo's average was $260,400 up from $241,000 and townhouses average up slightly $353,900 from $353,200 in August 2011
The value of properties changing hands was $172.1 million a jump from the $121.2 million in August 2011. The growth that started in the spring has continued through the summer with real estate sales recovering. The average selling price of a single family home in August was $488,100 up from $472,700 in August 2011. Condo's average was $260,400 up from $241,000 and townhouses average up slightly $353,900 from $353,200 in August 2011
Tuesday, 5 June 2012
Beautiful 460 Cob Lane in Trumpeter Estates
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