Fundamentally a healthy Kelowna housing market

Okanagan Mainline Real Estate Board (OMREB) reports that Multiple Listing Service® (MLS®) residential sales in the Central Okanagan declined 28.4% to 126 residential sales in August compared to the same month last year.  MLS® residential unit sales in the Central Okanagan improved 15.59% in August from July 2010. The average MLS® residential price climbed 5.65% to $496,077 in August compared to the same month last year.

As 2010 unfolded I have noticed the trend and OMREB monthly stats support - increasing number of new listings each month.  This relatively large number of homes for sale has created a favourable supply selection for home buyers. 

Have a closer look:

CENTRAL OKANAGAN ACTIVE MLS LISTINGS - 2010 monthy totals compared to 2009 (2010 year-to-date totals compared to 2009)

JANUARY 412 Compared to Jan 2009 up 17.05%

FEBUARY 473 Compared to Feb 2009 up 49.09%.  (Year-to-date: 885  Compared to 2009 ytd up 30.53%)

MARCH 594 Compared to Mar 2009 up 34.09%.  (Ytd: 1,276  Compared to 2009 ytd up 31.67%)

APRIL  554 Compared to Apr 2009 up 16.14%.  (Ytd: 2,030  Compared to 2009 ytd up 27.03%)

MAY 528 Compared to May 2009 up 16.56%.  (Ytd: 2,555  Compared to 2009 ytd up 24.57%)

JUNE 507 Compared to Jun 2009 up 4.97%.  (Ytd: 3,062  Compared to 2009 ytd up 20.84%)

JULY 392 Compared to Jul 2009 down -11.51%.  (Ytd: 3,445  Compared to 2009 ytd up16,66%)

AUGUST 352 Compared to Aug 2009 down -7.37%.  (Ytd: 3,333  Compared to 2009 ytd up13.95%)

Year-to-date, Central Okanagan residential sales dollar volume increased 10.91% to $622,577,952.00, compared to the same period last year. Residential unit sales rose 3.23% to 1,279 year-to-date, while the average MLS® Central Okanagan residential price decreased -2.65% to $437,500 over the same period.

OMREB monthly stats indicates a trend of newly listed MLS® residential units now declining.  What does this mean?  Tighter market conditions may emerge this fall?  Wary buyers - get off the fence - now!

 

BUYERS - get started sooner than later on your buying opportunities: june@juneconway.com OR 250.317.3136.  SELLERS - get started to max on you selling opportunites : june@juneconway.com OR 250.317.3136