October 2011 Kelowna area numbers

MLS numbers are yet to be finalized nontheless we can still get a good picture of what has been happening this October with Kelowna and West Kelowna housing market.

Kelowna single family residential

• sale numbers are DOWN from September and DOWN compared to October 2010
• median price is DOWN from September and DOWN compared to October 2010

Kelowna strata

• sale numbers are DOWN from September and UP compared to October 2010
• median price is UP from September and UP compared to October 2010

West Kelowna single family residential

• sale numbers are DOWN as September and SAME as compared to October 2010
• median price is UP from September and DOWN compared to October 2010

West Kelowna strata

• sale numbers DOWN from September and DOWN compared to October 2010
• median price is UP from September and UP compared to October 2010

Overall lots of inventory and weaker demand prevails in the Kelowna area market  favoring Buyers.

The months of inventory or the number of months to clear the inventory at the current rate of sales according to Okanagan Miainline Real Estate Board (OMREB) data is shown below for today as well as in brackets for same month in 2007 when market conditions favored Sellers:

• 13.39 (5.14) months of Kelowna single family residential
• 15 (3.66) months for Kelowna strata
• 14.79 (5.25)  months for West Kelowna single family residential
• 30.29 (8) months for West Kelowna strata

KELOWNA SINGLE FAMILY RESIDENTIAL MEDIAN SALE PRICE YTD

WEST KELOWNA SINGLE FAMILY RESIDENTIAL MEDIAN SALE PRICE YTD

KELOWNA STRATA MEDIAN SALE PRICE YTD

WEST KELOWNA STRATA MEDIAN SALE PRICE YTD

There's an upside in the Kelowna area real estate market for both buyers and sellers!