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Market Update
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The Central
Okanagan real estate market for the second consecutive month is
showing signs of stabilizing in 2006. Total number of listings have
risen more than 2 per cent year to date and sales have dropped
slightly by a half per cent from 2005. The average residential house
price is holding at slightly more than $381,000 for more than two
months now. Residential single family sales dropped more than 3 per
cent for the month and more than 4 per cent year to date from last
year. Condominium apartment sales are up more than 9 per cent and
mobile home sales up almost 13 per cent all due to housing
affordability, first time buyers and demographics of local buyers.
Although the market conditions are stabilizing CMHC is reporting
strong national consumer confidence despite rising real estate
prices and interest rates. The highest consumer confidence levels
are in British Columbia and Prairie provinces where household
budgets and job growth is still very positive. A pleasant surprise
in the local markets are the number of million dollar plus sales at
47 sales in less than six months of 2006 in comparison only 16 sales
in all of 2005 and the average single family waterfront sale price
slightly under 1.6 million dollars in 2006. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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816 |
93 |
581 |
277 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2006 |
2005 |
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0 - |
$200,000 |
16 |
55 |
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$200,001 |
$240,000 |
22 |
170 |
| $240,001 |
$280,000 |
99 |
331 |
|
$280,001 |
$320,000 |
253 |
302 |
| $320,001 |
$360,000 |
320 |
272 |
|
$360,001 |
$400,000 |
273 |
228 |
| $400,001 |
$440,000 |
183 |
108 |
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$440,001 |
$480,000 |
131 |
90 |
| $480,001 |
$520,000 |
119 |
43 |
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$520,001 |
$560,000 |
76 |
32 |
| $560,001 |
$600,000 |
97 |
43 |
| $600,001 |
$999,999 |
170 |
100 |
| $1. Million |
Over |
47 |
16 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$381,188 |
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Median house price : |
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$356,750 |
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Number of houses listed last |
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month: |
422 |
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Number of lakeshore homes sold |
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last month: |
6 |
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Average mobile home price: |
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$73,879 |
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Dollar value of sales in May 2006: |
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$184,533,823 |
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Dollar value of sales in May 2005: |
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$163,261,680 |
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SALES BY TYPE
Year to Date |
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2006 |
2005 |
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Acreage |
30 |
26 |
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Acreage with Home |
48 |
48 |
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Acreage - Waterfront |
0 |
6 |
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Business |
10 |
13 |
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Townhouse |
274 |
284 |
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Condo |
431 |
395 |
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Lots - Waterfront |
6 |
2 |
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Lots |
168 |
185 |
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Duplex |
78 |
74 |
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Farms |
10 |
10 |
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IC & I |
26 |
21 |
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IC & I Land |
10 |
13 |
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Leases |
45 |
33 |
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Multi-Family |
4 |
6 |
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Mobile Homes |
150 |
133 |
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Residential |
1120 |
1170 |
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Residential-Waterfront |
28 |
19 |
| Recreational |
28 |
19 |
| 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 PLACE Royal
LePage Kelowna is pleased to announce their unveiling of the new
Westside multi plex facility opening Fall 2006. We are proud to be a
supporter of culture, sport, arts and the community facility.
ROPERTY TAX
REMINDER Royal LePage Kelowna reminds all our clients
to remember the property tax payments and adjustments on all
properties closing at the end of June 2006. Please consult your
solicitor and Royal LePage agent for details. |
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