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Market Update
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With the Summer
in full swing, property sales continued to keep pace in July, as
year-to-date dollar volume and unit sales were strong and stable
similar to 2005. The Okanagan Mainline Real Estate Board reports
that 3,519 units, worth more than 1.18 billion, were sold in our
area on the Multiple Listing Service year-to-date. This represents a
16% increase in dollar volume and a 3% decrease in the number of
units sold compared to 2005. Listings increased 8% and sales dropped
2% this month in comparison to July 2005. Apartment condominiums are
the only property types that have seen any significant change; with
inventory increasing 26% over last year which gives buyers a better
selection than other property types. Real Estate units are selling
on average, 95% of asking price. A study prepared by Clayton
Research Associates Limited found the average BC home sold on MLS
between 2002 and 2004 triggered nearly $28,000 in additional
spending, including legal fees, moving expenses, furniture and
appliance purchases and taxes. Using that figure, BC homes sold on
the MLS in 2006 have already generated more than 1.5 billion in
additional spending. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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860 |
97 |
587 |
315 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2006 |
2005 |
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0 - |
$200,000 |
23 |
79 |
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$200,001 |
$240,000 |
27 |
228 |
| $240,001 |
$280,000 |
125 |
472 |
|
$280,001 |
$320,000 |
328 |
421 |
| $320,001 |
$360,000 |
427 |
371 |
|
$360,001 |
$400,000 |
400 |
330 |
| $400,001 |
$440,000 |
261 |
170 |
|
$440,001 |
$480,000 |
191 |
131 |
| $480,001 |
$520,000 |
161 |
67 |
|
$520,001 |
$560,000 |
115 |
51 |
| $560,001 |
$600,000 |
127 |
59 |
| $600,001 |
$999,999 |
263 |
140 |
| $1. Million |
Over |
80 |
23 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$391,391 |
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Median house price : |
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$366,000 |
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Number of houses listed last |
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month: |
334 |
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Number of lakeshore homes sold |
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last month: |
4 |
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Average mobile home price: |
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$93,195 |
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Dollar value of sales in July 2006: |
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$180,986,633 |
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Dollar value of sales in July 2005: |
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$155,792,345 |
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SALES BY TYPE
Year to Date |
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2006 |
2005 |
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Acreage |
37 |
37 |
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Acreage with Home |
74 |
69 |
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Acreage - Waterfront |
0 |
7 |
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Business |
20 |
20 |
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Townhouse |
375 |
411 |
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Condo |
615 |
580 |
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Lots - Waterfront |
8 |
5 |
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Lots |
273 |
313 |
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Duplex |
116 |
97 |
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Farms |
12 |
14 |
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IC & I |
33 |
39 |
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IC & I Land |
10 |
14 |
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Leases |
54 |
44 |
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Multi-Family |
4 |
9 |
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Mobile Homes |
215 |
193 |
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Residential |
1616 |
1718 |
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Residential-Waterfront |
36 |
33 |
| Recreational |
16 |
26 |
| Timeshares |
0 |
1 |
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IF YOU ARE THINKING OF BUYING OR
SELLING, PLEASE GIVE US A CALL!
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On Line Real Estate Consumers
· 70%
of homebuyer’s using internet for buying process.
· 86%
of buyer’s use the internet prior to contacting agents.
· 73%
of buyer’s find agents thru listing on website.
· 72%
of buyer’s find agents thru internet search engine.
· 69%
of buyer’s select first agent they meet online.
· 67%
of buyer’s select the agent who responds first.
· 86%
of online consumers say response time is key. |
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