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Market Update
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Consumer
confidence remains upbeat in the Central Okanagan real estate
market, but has edged lower in the third quarter of 2006. All
indicators in projecting the local real estate market point to a
gradual return to more normal activity levels over the coming year.
Total unit sales in the month of September have dropped almost 30
per cent lower than September last year. Only 443 units sold last
month versus 637 unit sales September last year. All property types
have decreased in sales this year but mobile homes and duplex sales
have remained strong. Inventory continues to rise with 2,613 total
active listings, an increase of almost 10 per cent over last years
active inventory. Apartment condo listings have increased the most
of any property types with almost 27 per cent more than last year. A
gradual decline in sales activity and an increase in new listings is
causing many housing markets across the country to become more
balanced, which has begun to temper price increases. The Canadian
Real Estate Association expects this trend to continue over the rest
of the year and into 2007. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
|
905 |
92 |
669 |
309 |
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SUMMARY OF
RESIDENTIAL SALES |
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| Price
Range |
2006 |
2005 |
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0 - |
$200,000 |
23 |
97 |
| $200,001 |
$240,000 |
34 |
274 |
| $240,001 |
$280,000 |
149 |
558 |
| $280,001 |
$320,000 |
379 |
554 |
| $320,001 |
$360,000 |
544 |
459 |
| $360,001 |
$400,000 |
503 |
429 |
| $400,001 |
$440,000 |
337 |
226 |
| $440,001 |
$480,000 |
260 |
170 |
| $480,001 |
$520,000 |
200 |
90 |
| $520,001 |
$560,000 |
161 |
73 |
| $560,001 |
$600,000 |
180 |
78 |
| $600,001 |
$999,999 |
370 |
201 |
| $1. Million |
Over |
109 |
36 |
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A FEW MORE REAL
ESTATE STATS! |
| Average
house price : |
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$419,242 |
| Median
house price : |
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$388,000 |
| Number
of houses listed last |
| month: |
351 |
| Number
of lakeshore homes sold |
| last
month: |
4 |
| Average
mobile home price: |
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$77,023 |
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Dollar value of sales in Sept 2006: |
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$160,061,591 |
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Dollar value of sales in Sept 2005: |
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$227,986,357 |
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SALES BY TYPE
Year to Date |
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2006 |
2005 |
| Acreage |
49 |
48 |
| Acreage
with Home |
82 |
87 |
| Acreage
- Waterfront |
1 |
9 |
| Business |
23 |
26 |
| Townhouse |
463 |
544 |
|
Condo |
795 |
888 |
| Lots
- Waterfront |
10 |
13 |
| Lots |
339 |
412 |
| Duplex |
138 |
133 |
| Farms |
13 |
19 |
| IC
& I |
48 |
46 |
| IC
& I Land |
15 |
17 |
| Leases |
60 |
55 |
| Multi-Family |
9 |
11 |
| Mobile
Homes |
292 |
282 |
| Residential |
2070 |
2230 |
| Residential-Waterfront |
46 |
49 |
| Recreational |
22 |
34 |
| Timeshares |
0 |
1 |
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IF YOU ARE THINKING
OF BUYING OR SELLING, PLEASE GIVE US A CALL!
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Oh By The
Way...we are never too busy for your referrals.
Royal LePage
Kelowna is pleased to announce a new client appreciation program
launched in September 2006. We have committed as a company to spend
less time prospecting, phoning, door knocking, etc. and focus on
building stronger relationships with our current and past clients
that have made us the successful organization that we are today. Ask
your Royal LePage agent today about this exciting new client
appreciation program. |
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