The Okanagan Mainline Real Estate Board just released its Monthly Statistics for the North Okanagan real estate zone – and the details are below. The good news for sellers is that the inventory overall has dropped. However, it is DEFINITELY a BUYERS MARKET out there with an absorption rate of 4.07% In real terms, what that means is that if no new properties came on the market, and the demand remained the same ( same number of properties that sold in December 2010 sold each month,) it would take 24.5 months to sell off all the inventory
NORTH Okanagan Real Estate Market Update for December 2010
Condo / Apartment |
|
Listings Sold | 4 |
New Listings | 17 |
Current Inventory | 174 |
Absorption Rate | 2.30% |
Days to Sell | 137 |
Range | 49 - 198 |
Average Price | $239,250 |
Median Price | $193,750 |
Range | $149,500 - $420,000 |
Hottest Neighbourhood | Mixed no trend |
Condo / Townhouse |
|
Listings Sold | 9 |
New Listings | 18 |
Current Inventory | 289 |
Absorption Rate | 2.42% |
Days to Sell | 326 |
Range | 11 - 211 |
Average Price | $253,843 |
Median Price | $185,000 |
Range | $131,000 - $246,389 |
Hottest Neighbourhood | Harwood |
Building Lot |
|
Listings Sold | 7 |
New Listings | 13 |
Current Inventory | 289 |
Absorption Rate | 2.42% |
Days to Sell | 326 |
Range | 184 - 635 |
Average Price | $253,843 |
Median Price | $185,000 |
Range | $139,900 - $600,000* |
Hottest Neighbourhood | Bayview Heights Coldstream |
*77+acre parcel
Residential |
|
Listings Sold | 27 |
New Listings | 55 |
Current Inventory | 522 |
Absorption Rate | 5.17% |
Days to Sell | 137 |
Range | 13 - 133 |
Average Price | $359,830 |
Median Price | $315,000 |
Range | $197,000 - $950,000 |
Hottest Neighbourhood | Armstrong, Coldstream, East Hill |
Overall Sales vs Inventory = 4.07%
I really thought it seemed busier than that!. Expect more stat updates in the coming days as I work through details for year over year comparisons, trends and neighbourhood / sub area information.
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
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