Current listing inventory as of October 13,2009:
Single Family Dwellings - 1858 properties including 12 pending offers
Strata - Condos - 1107 properties including 7 pending offers
Strata - Townhomes - 463 properties including 4 pending offers
Manufactured Home - 224 including 1 pending offer
Lots/Acreages - 852 properties including 3 pending offers
Total properties for sale - 4,765 (total inventory decrease of 5.79% from last month's report)
The real estate market in the Central Okanagan continues to show signs of growth with the overall absorption rate for all listed properties increasing to 7.59% or a 13 month supply.
The hottest segment of the real estate market in the Central Okanagan continues to be townhomes. There were 28 sales in September of 2008 compared to 62 sales in September of 2009. That accounts for a 121.43% increase in sales year over year and an absorption rate of 12.53% of the overall townhome inventory. Essentially, at that rate of sales there is enough supply for 8 months. Bottom line is if you are considering selling your townhome, this is great time as Buyers have certainly spoken on what they want for housing right now!
Residential homes have also seen some encouraging stats with 207 unit sales for September of 2009 compared to 129 at this time last year. That means a 60.47% increase in sales likely due to low interest rates and lower house prices this year versus last. Another statistic worth mentioning is the absorption rate increase of nearly 3% since August 2009. At this currrent rate of sales vs inventory there is a 7 1/2 month suppply. First time home buyers are certainly enjoying this market!
If you would like more in depth statistics or have any general questions please contact me at (250) 808-7700 or at jason.neumann@century21.ca
Complete OMREB Statistics for September 2009
Sincerely,Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
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