Close look at housing activity

We're almost half way through 2011 so we have some sale history to compare market activity with last year.  We know from Okanagan Mainline Real Estate Board's (OMREB) monthly Buyer surveys  that so far 2011 Okanagan Buyers are predominately folks already living in the Okanagan moving up and most of Okanagan sale activity is focused in Kelowna and West Kelowna.

The market activity overall consists of purchases of lots and acreages, manufactured homes, recreation, single family residential (SFR) and strata.  Taking a close look specifically at the single family residential (SFR) market shows the greatest amount of sale activity is under half a million range year-to-date (ytd):

KELOWNA SFR 566 SALES Jan 1 - Jun 15, 2011..............ACTIVELY LISTED SFR as of June 19, 2011

• 3.5% in the $1million plus range...............................215
• 3.88% in the $775,000 to $999,999 range............. 125
• 30.03% in the $500,000 to $774,999 range............404
• 62.36% in less than $499,999 range........................466

WEST KELOWNA SFR 224 SALES Jan 1 - Jun 15, 2011........ACTIVELY LISTED SFR as of June 19, 2011

• 2.6% in the $1million plus range.....................................89
• 1.78% in the $775,000 to $999,999 range....................35
• 21.87% in the $500,000 to $774,999 range.................160
• 71.5% in less than $499,999 range................................327

Of the 790 Kelowna / West Kelowna ytd SFR sales 71.6% have been in Kelowna and the balance in West Kelowna, 28.35%. These percentages are not unlike for the full year of 2010 with a total of 1,709 SFR sales; 72.8% Kelowna and 27.1% West Kelowna.

OMREB's weekly 'Market Watch' gives you a good sense of residential market activity ~ continuing at this time in favor of Buyers. It's a great market to be a Seller with the right price to have a timely sale inorder to choose your next purchase in this market of selection!

RESIDENTIAL - week up to June 19th, 2011

RESIDENTIAL - week up to June 11th, 2011

RESIDENTIAL - week up to June 3rd 2011

RESIDENTIAL - week up to May 28, 2011

RESIDENTIAL - week up to May 21st, 2011

RESIDENTIAL - week up to May 14th, 2011

RESIDENTIAL  - week up to May 6th, 2011

RESIDENTIAL - week up to April 30, 2011