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Market Update
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RECORD
NUMBER OF NEW MLS® RESIDENTIAL LISTINGS IN APRIL-MAY
The number of
new listings of homes for sale on the Multiple Listing Service®
(MLS®) of real estate boards in Canada reached its highest level
ever in April 2008, according to statistics released by The Canadian
Real Estate Association (CREA). The rise in new listings outpaced a
small gain in sales activity, resulting in a more balanced market. A
similar trend was reported in the Association’s analysis of major
markets, issued earlier in May. The continuing trend towards a
balanced market here in the central Okanagan means opportunities for
both Sellers and Buyers. With a 56 per cent increase in single
family home listings in May 2008, home buyers and investors alike
are finding a greater selection of product and therefore sellers
must price their homes to be competitive with the larger selection
of listings available. First time home buyers are able to take
advantage of continuing low interest rates along with the
competitively priced homes and strata properties to enable them to
enter into the market. The balancing market continues to allow
sellers a great opportunity for strong sales of those properties
listed at a competitive price.
BC led
the country in employment growth during May. While employment in
Canada rose 2 per cent in April compared to April 2007, BC
employment climbed 3.5 per cent during the same period, outpacing
the national average by a wide margin. Wood manufacturing employment
was down 20 per cent January through April, contributing to a
decline in overall manufacturing jobs.
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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1637 |
205 |
1578 |
506 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2008 |
2007 |
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0 - |
$200,000 |
0 |
6 |
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$200,001 |
$240,000 |
3 |
11 |
| $240,001 |
$280,000 |
17 |
33 |
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$280,001 |
$320,000 |
18 |
92 |
| $320,001 |
$360,000 |
48 |
216 |
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$360,001 |
$400,000 |
114 |
198 |
| $400,001 |
$440,000 |
138 |
196 |
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$440,001 |
$480,000 |
128 |
135 |
| $480,001 |
$520,000 |
123 |
102 |
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$520,001 |
$560,000 |
111 |
59 |
| $560,001 |
$600,000 |
78 |
68 |
| $600,001 |
$999,999 |
168 |
152 |
| $1million & |
Over |
23 |
18 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$525,624 |
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Median house price : |
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$485,000 |
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Number of houses listed last |
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month: |
660 |
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Number of lakeshore homes sold |
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last month: |
3 |
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Average mobile home price: |
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$127,150 |
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Dollar value of sales in May 2008: |
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$105,227,952 |
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Dollar value of sales in May 2007: |
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$155,461,296 |
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SALES BY TYPE
Year to Date |
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2008 |
2007 |
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Acreage |
13 |
21 |
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Acreage with Home |
45 |
43 |
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Acreage - Waterfront |
2 |
0 |
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Business |
10 |
12 |
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Townhouse |
226 |
342 |
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Condo |
450 |
588 |
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Lots - Waterfront |
0 |
3 |
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Lots |
101 |
124 |
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Duplex |
59 |
101 |
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Farms |
8 |
7 |
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IC & I |
92 |
99 |
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IC & I Land |
16 |
11 |
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Leases |
42 |
49 |
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Multi-Family |
1 |
3 |
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Mobile Homes |
125 |
124 |
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Residential |
972 |
1290 |
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Residential-Waterfront |
10 |
20 |
| Recreational |
6 |
24 |
| Timeshares |
1 |
2 |
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| Multi Plex |
3 |
8 |
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Renovation Projects, their approximate costs & approximate Rate of
Return:
Painting $ 1000 50-100%
Carpeting w/laminate $2000( 1000 sq ft) 50-75%
New light fixtures $2000 60-70%
Exterior Landscape $2000 25 - 50%
Knobs & Hardware $2000 75 - 100%
Replace flooring to Hardwood $5,000 ( 1000 sq ft) 50 -
75%
Fence/deck $5000 50-75%
IF YOU ARE THINKING OF
BUYING
OR SELLING, PLEASE GIVE US A CALL!
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www.royallepage.ca
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