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Market Update
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One
of the Central Okanagan’s longest housing booms is continuing to
show signs of stabilizing market conditions. After a string of
record months, characterized by heated bidding wars and substantial
gains in prices, real estate seems to be
taking a
breather. The total number of sales in the month of June dropped
from 603 sales in June last year to 507 sales, a 16% decrease this
year. Total sales numbers are down almost 4% year to date in
comparison to this time last year with lower sales numbers reported
in residential single family, town homes and recreation time share
properties. Active listing inventory has increased in all property
types except for town home, mobile home and single family with
acreage, due to the first time buyer demands, affordability issues
and hard to find homes with acreage land. Residential single family
inventory has
risen almost 13% and condominium apartment product is up 23% higher
than this time last year. The
market price
increases can expect to moderate in the coming months and the rising
prices will lessen demand as some people decide not to enter the
market. The good news is that clients and agents will have more time
to make decisions. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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880 |
90 |
586 |
308 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2006 |
2005 |
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0 - |
$200,000 |
21 |
64 |
|
$200,001 |
$240,000 |
25 |
204 |
| $240,001 |
$280,000 |
115 |
240 |
|
$280,001 |
$320,000 |
291 |
377 |
| $320,001 |
$360,000 |
376 |
320 |
|
$360,001 |
$400,000 |
348 |
289 |
| $400,001 |
$440,000 |
229 |
144 |
|
$440,001 |
$480,000 |
158 |
108 |
| $480,001 |
$520,000 |
144 |
56 |
|
$520,001 |
$560,000 |
98 |
44 |
| $560,001 |
$600,000 |
117 |
54 |
| $600,001 |
$999,999 |
215 |
284 |
| $1. Million |
Over |
57 |
20 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$414,511 |
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Median house price : |
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$385,000 |
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Number of houses listed last |
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month: |
386 |
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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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$88,665 |
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Dollar value of sales in June 2006: |
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$177,315,286 |
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Dollar value of sales in June 2005: |
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$179,507,098 |
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SALES BY TYPE
Year to Date |
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2006 |
2005 |
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Acreage |
33 |
32 |
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Acreage with Home |
64 |
56 |
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Acreage - Waterfront |
0 |
7 |
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Business |
14 |
19 |
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Townhouse |
324 |
359 |
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Condo |
520 |
493 |
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Lots - Waterfront |
5 |
4 |
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Lots |
236 |
275 |
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Duplex |
98 |
87 |
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Farms |
10 |
11 |
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IC & I |
31 |
32 |
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IC & I Land |
10 |
14 |
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Leases |
52 |
39 |
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Multi-Family |
4 |
8 |
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Mobile Homes |
182 |
163 |
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Residential |
1367 |
1453 |
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Residential-Waterfront |
32 |
28 |
| Recreational |
16 |
24 |
| Timeshares |
0 |
1 |
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IF YOU ARE THINKING OF BUYING OR
SELLING, PLEASE GIVE US A CALL!
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Royal LePage
Kelowna and Centum Lending Max held their annual golf tournament
last month at Vintage Hills Golf Course. From Various activities
throughout the day, they were able to raise $1,500 in donations to
present to the Kelowna Women’s Shelter for abused women and
children. The money will provide funding for public programs,
including school children and abuse awareness. Royal LePage Canada
is a national supporter of women’s shelters across the country |
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