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Market Update
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Spring
is finally here, and once again we are reminded of the benefits of
living in the beautiful Okanagan valley. With the rising
temperatures, comes a seasonal rise in Real Estate activity. Our
market continues to head towards a more traditional scheme, with
spring sales being brisk, listing inventory on the increase, but
average house prices taking a small step back. The average price of
a single family home in the central Okanagan in March 2007 was
$442,246.21 down from February’s $450,058.00 with the number of
homes listed at 452, up from last months 374. British Columbia Real
Estate Association (BCREA) reports the residential sales volume on
the Multiple Listing Service® (MLS®) in BC reached $3.1 billion in
February, up 7.5 per cent from the
same month last year. However, MLS® home sales declined 4 per cent
to 7,563 units in February 2007 compared with February 2006. The
provincial sales-to-active listings ratio fell to 25 per cent from
32 per cent a year ago, indicating less upward pressure on home
prices. The strong provincial economy, led by low unemployment,
rising wages and investment, is expected to keep BC home sales above
the long-term average again this year. However,
regional variations in demand and
supply will mean some areas of the province may experience higher
price gains than others. |
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ACTIVE LISTINGS |
|
Res. |
Mobiles |
Strata |
Lots |
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886 |
91 |
750 |
460 |
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SUMMARY OF
RESIDENTIAL SALES |
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| Price
Range |
2007 |
2006 |
|
0 - |
$200,000 |
2 |
24 |
| $200,001 |
$240,000 |
8 |
27 |
| $240,001 |
$280,000 |
26 |
84 |
| $280,001 |
$320,000 |
41 |
149 |
| $320,001 |
$360,000 |
75 |
145 |
| $360,001 |
$400,000 |
68 |
126 |
| $400,001 |
$440,000 |
56 |
85 |
| $440,001 |
$480,000 |
46 |
43 |
| $480,001 |
$520,000 |
26 |
43 |
| $520,001 |
$560,000 |
26 |
24 |
| $560,001 |
$600,000 |
19 |
35 |
| $600,001 |
$999,999 |
49 |
59 |
| $1. Million |
Over |
10 |
13 |
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A FEW MORE REAL
ESTATE STATS! |
| Average
house price : |
|
$442,246 |
| Median
house price : |
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$400,500 |
| Number
of houses listed last |
| month: |
452 |
| Number
of lakeshore homes sold |
| last
month: |
5 |
| Average
mobile home price: |
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$114,426 |
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Dollar value of sales in Mar 2007: |
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$243,793,344 |
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Dollar value of sales in Mar 2006: |
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$190,170,912 |
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SALES BY TYPE
Year to Date |
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2007 |
2006 |
| Acreage |
12 |
21 |
| Acreage
with Home |
22 |
29 |
| Acreage
- Waterfront |
0 |
0 |
| Business |
7 |
7 |
| Townhouse |
166 |
158 |
|
Condo |
318 |
250 |
| Lots
- Waterfront |
0 |
1 |
| Lots |
66 |
126 |
| Duplex |
55 |
45 |
| Farms |
4 |
6 |
| IC
& I |
14 |
12 |
| IC
& I Land |
6 |
4 |
| Leases |
25 |
31 |
| Multi-Family |
3 |
1 |
|
Mobile Homes |
57 |
83 |
| Residential |
662 |
633 |
| Residential-Waterfront |
8 |
17 |
| Recreational |
9 |
10 |
| Timeshares |
2 |
0 |
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IF YOU ARE THINKING
OF BUYING OR SELLING, PLEASE GIVE US A CALL!
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Current Temperatures across
Canada on April 11, 2007
Kelowna 15 Deg. C
Calgary 5 Deg C
Edmonton 4 Deg C
Lethbridge 1 Deg C
Swift Current - 1 Deg C
Churchill
-5 Deg C
Eureka
-23 Deg C |
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