Close look at Okanagan's residential market

Here is a weekly update on the Okanagan residential real estate market.  Weekly numbers since the onset of 2011 continue to show supply is greater than demand resulting in many active listings adjusting prices downward to grab the attention of Buyers.  Residential properties coming onto the market each week the past couple of months has been consistent and not showing signs of declining yet despite moderate demand.

• New Listings: 358 (358, 418, June: 368, 346, 341, 413, 411)
• # Sales: 163 (136, 135, June: 105, 144, 127, 134, 128)
• Ratio: 35% (38%, 33%, June: 37%, 42%, 37%, 32%, 31%)
• # Price changes up: 14 ( 8, 6, June: 7, 5, 7, 8, 10)
• # Price changes down: 374 (343, 306, June: 298, 280, 267, 273, 301)
• # Expired/Off Market Listings: 87 (127, 77, June: 395, 53, 87, 79, 79, 272)
• Net loss/gain in listings this week: 108 (95, 204, June: -132, 149, 127, 200, 11)

• Active single family residential listings: 4,459 (4,427, 4,383, June: 4,436)
• Active manufactured home listings: 514 (520, 517, June: 516)
• Active strata listings: 2,236 (2,247, 2,230, June: 2,219)
• Active lots & acreage listings:1,994 (1,966, 1,982, June: 2,001)

RESIDENTIAL seven days prior to July, 23, 2011

(SOURCE: Okanagan Mainline Real Estate Board)

Okanagan market pace today gives most buyers time to examine residential choices!