Wonder what is happening in the North Okanagan Real Estate Market - Here is a CLUE
Below you'll find our Cool Little Update Electronically (CLUE) with an overview on the North Okanagan Real Estate Market for the month of May 2009. In addition, we are adding a new feature to this monthly report. Scroll down to see a rolling 2 year market overview of the indicators we watch to identify trends and opportunities.
We use the same critera as the Okanagan Mainline Real Estate Board - from the same database. However, our numbers may occasionally vary slightly from theirs based on the time the data is pulled. They target to run stats on the 5th day of the month... and so we match that as closely as possible.
Here are the deets for May in the North Okanagan:
Residential |
|
New Listings | 172 |
Listings Sold | 102 |
Median Price | $327,588 |
Range | $79,500 - $1,646,000 |
Days to Sell | 111 |
Range Days to sell | 1-387 |
Inventory | 750 |
Hottest Neighbourhood | East Hill |
Condo / Apartment |
|
New Listings | 31 |
Listings Sold | 11 |
Median Price | $143,000 |
Range | $76,000 - $253,000 |
Days to Sell | 125 |
Range Days to Sell | 24-236 |
Inventory | 164 |
Hottest Neighbourhood | Mission Hill |
Condo / Townhouse |
|
New Listings | 48 |
Listings Sold | 23 |
Median Price | $271,000 |
Range | $146,000 - $458,500 |
Days to Sell | 145 |
Range Days to Sell | 10-357 |
Inventory | 240 |
Hottest Neighbourhood | Bella Vista –Heritage Dr. |
Building Lot |
|
New Listings | 28 |
Listings Sold | 6 |
Median Price | $125,000 |
Range | $106,000-$130,000 |
Days to Sell | 218 |
Range Days to Sell | 50-440 |
Inventory | 388 |
Hottest Neighbourhood | Armstrong |
There are a few key indicators that we watch to keep our fingers on the pulse of the local real estate market. Because real estate is a supply and demand commodity, the first number we monitor is the Inventory level. You can see by the chart below that while inventory levels are still up considerably over the scorching sellers market of 2007 - the number of homes for sale in the North Okanagan has been reduced significantly from its peak at the end of 2008, and shows signs of stablizing.
The second key performance indicator to be aware of is the Absorbsion rate. That is the comparison of the number of sales made in a given period of time to the number of units on hand - again.. supply and demand drives this metric. Think of it like this.. if the inventory were water... in 2006 you could absorb it with a Q-Tip... 2007 called for "Bounty" and by the end of 2008 an industrial shop vac would be the right choice! The market today is back to the strong paper towel stage. Note the sharp decline in absobsion rate which is steeper than the drop in inventory levels.
Next thing to consider is the ratio of new listings to units sold. This chart ads dimention to the inventory and absorbsion data, and clearly shows how the market it moving (or NOT moving - when you look at the summer of 2008.
Lastly we monitor price...
As you can see - the median price is starting to climb - we cannot call this a trend yet.. but based on all of the other factors illustrated - we can be relatively confident that the worst may have passed.
With interest rates low - and money available for qualified buyers - it is a great time to be looking at moving up or adding property to your portfolio.
We are happy to provide you with specific market information on your property type, neighbourhood or individual criteria and work with you to realize your property goals.
Visit our Market Wize page to be in the know about North Okanagan Real Estate statistics.
Warmest regards,
Brell ~ Brenda Ellis REALTOR with Okanagan Heat @ Century 21 Executives Realty Ltd 
