Central Okanagan housing market enters buyers' cycle

Kelowna, BC - The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2010 sales activity of all MLS® property types has levelled off as the market shows a steady but slow recovery. While property listings continue to increase and widen the selection for Buyers, unit sales are down from last month and last year, but sales volumes have improved year-to-date.
New listings rose 5.7% over last year at this time (1,186 compared to 1,122) but dropped 10.4% from last month (1,324), while inventory increased 5.8% over last June (to 5,793 from 5,475) and 4.1% since May (from 5,561). Overall sales this month dropped 21.7% compared to June 2009 (to 346 from 442) and were down 8.2% compared to May (378). Total residential units sold decreased 23.8% over last June (to 319 from 419) and dropped 9.6% over last month (353). Sales of single family units decreased 20.8% from June 2009 (to 175 from 221) and were down 6.4% from May (187). However,
sales activity year-to-date (YTD) has improved 30.6%compared to the first six months of 2009 (to 2,177 units from 1,666) and sales volumes YTD are up 38.9% (to $881,180,864 from $634,381,184).

Average Residential Sale Price YTD - $482,928
Average Days to Sell YTD - 101 Days

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