Single Family Dwellings - 1323 properties (a 12.17% decrease from December) including 12 pending offers ranging in value from $49,900 to $15.9M
Strata - Condos - 945 properties (a 11.96% decrease from December) with no pending offers ranging in value from $62,400 to $4.99M
Strata - Townhomes - 318 properties (a 14.47% decrease from December) with 1 pending offer ranging in value from $134,900 to $1.624M
Manufactured Homes - 178 properties (a 12.36% decrease from December) with no pending offers ranging in value from $28,000 to $350,000
Lots/Acreages - 607 properties(a 19.44% decrease from December) with 4 pending offers ranging in value from $65,000 to $15.9M
Total properties for sale - 3,371 Current Inventory 3,831 (total inventory decrease of 13.65% from last month's report)
December 2009 saw total unit sales of 241, a jump of 99% from the 121 unit sales in December 2008. However, with the holiday season, there was a 25% drop in sales from 324 sales in November 2009. Residential units sold showed an 84% improvement over last year (214 from 116) and a 19% drop from last November(266 unit sales). Sales of single family homes increased by 65% over last year (109 from 66) but were down 20% from November 2009 (137 unit sales). Townhouse and condo sales improved 100% with 30 townhouses sold compared to 15 in December 2008 and a 154% increase to 56 condo sales versus 22 in December 2008.
The absorption rates or the total number of sold units versus the remaining inventory for condos, townhomes and residential homes continue to stay strong. With steady decreases in the overall inventory levels and increasing sales month to month, 2010 could see some property owners realize an increase in their investment. First time home buyers are still enjoying low interest rates and as a result are out there looking and purchasing actively in the Okanagan.
Below is an overview of Central Okanagan Stats for December 2009:
December Ratio of Sales vs. Total Inventory = 5.92%
Condo -- Sales = 56
Condo -- New Listings = 116
Condo -- Current Inventory = 961
Condo -- Sell/Inv. Ratio = 5.83%
Condo -- Days to Sell = 85
Townhouse -- Sales = 30
Townhouse -- New Listings = 72
Townhouse -- Current Inventory = 355
Townhouse -- Sell/Inv. Ratio = 8.45%
Townhouse -- Days to Sell = 125
Lots -- Sales = 13
Lots -- New Listings = 44
Lots -- Current Inventory = 696
Lots -- Sell/Inv. Ratio = 1.87%
Lots -- Days to Sell = 197
Residential -- Sales = 109
Residential -- New Listings = 180
Residential -- Current Inventory = 1058
Residential -- Sell/Inv. Ratio = 10.30%
Residential -- Days to Sell = 86
Average House Price = $469,514.65
Median House Price = $438,500
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 December 2009
Take care and have a very prosperous 2010!Sincerely,Jason Neumann, REALTOR®Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
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