Market watch of Kelowna and area

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported March 2011 sales activity of all MLS property types improved over February but dipped compared to sales reported at this time last year when buyers spurred into the market early in the first quarter to avoid the impending HST.  The local housing market continues to stabilize and show more balanced conditions moving into Spring.

While active listings and inventory were down from March 2010 (4,750 units compared to 4,959 last year), the 1,122 new listings taken fell by 17.85% over last year (1,361) but rose 10.43% from February (1,016).  Overall unit sales and total sales volumes drippped 12.14% this March (to 340 from 387 - totalling $129.34 million compared to $150.51 million in 2010), and total residential units sold declined 12.57% (to 306 from 350 in 2010) but climbed 39.09% over February (220).  The average price for a single family home is up 5.89% compared to last year at this time ($486,609 from $459,546), while the median price rose 2.06% ($433,750 from $425,000 in 2010).

The Central Zone of OMREB covers the area from Peachland to Lake Country and east along Highway 33 to Westbridge (including Christian Valley).

Check out a week of Kelowna and surrounding area market activity - April 23 to April 28, 2011:

RESIDENTIAL:

FARMS:

COMMERCIAL:

As the graphs above show at the present time, there is more listing activity than sales no mattter whether it is residential, farms or commercial.  Bottom-line in today's market conditions correct pricing is critical to be in the percentage that sell!.