Where is The Market At?
July 15, 2011 at 3:48 PM
Some interesting mid-year Central Okanagan facts:
• Inventory levels are down - 12.9% from June 2010. There are currently 6,387 units on MLS compared to 7,329 last year.
• Sales are down 15.6% from June 2010 - 1,849 sales to date compared to 2,190 last year.
• Average price is down 4.6% from last year - $385,501 compared to $404,172 in 2010.
• The market is essentially identical to the 2009 market with listings (6,340), sales (1,662) and average price ($381,635).
Although the perception is that the market is gaining momentum and we’re on our way up, the reality is that we have a way to go. There is still a lot of uncertainty, skepticism, and general lack of confidence. This is particularly true for the new home market. The market is essentially void of pre-sales for the very same reasons. Additionally, there are too many “new” and unsold homes on the market making it easy for the consumer to choose a completed product versus having to wait for construction.
Bottom-line: take advantage of today’s lower prices, negotiation opportunities and interest rates to make yourself a great deal. There are many opportunities out there, you just need to find them.
| To June | To June | To June | To June | To June | Difference | Difference | Difference | Difference | |
| Housing Type | 2007 | 2008 | 2009 | 2010 | 2011 | 2011/2007 | 2011/2008 | 2011/2009 | 2011/2010 |
| Units Listed | |||||||||
| Duplex | 154 | 138 | 118 | 167 | 103 | -33.1% | -25.4% | -12.7% | -38.3% |
| Mobile Home | 269 | 395 | 278 | 316 | 318 | 18.2% | -19.5% | 14.4% | 0.6% |
| Recreational | 89 | 46 | 47 | 37 | 33 | -62.9% | -28.3% | -29.8% | -10.8% |
| Singles | 2459 | 3118 | 2534 | 3051 | 2680 | 9.0% | -14.0% | 5.8% | -12.2% |
| Apartment Condo | 1053 | 1730 | 1265 | 1382 | 1142 | 8.5% | -34.0% | -9.7% | -17.4% |
| Townhouse | 576 | 783 | 657 | 819 | 769 | 33.5% | -1.8% | 17.0% | -6.1% |
| Lots | 498 | 543 | 721 | 770 | 609 | 22.3% | 12.2% | -15.5% | -20.9% |
| IC&I | 256 | 292 | 334 | 340 | 318 | 24.2% | 8.9% | -4.8% | -6.5% |
| Other | 345 | 471 | 386 | 447 | 415 | 20.3% | -11.9% | 7.5% | -7.2% |
| Total | 5699 | 7516 | 6340 | 7329 | 6387 | 12.1% | -15.0% | 0.7% | -12.9% |
| Units Sold | |||||||||
| Duplex | 126 | 66 | 47 | 53 | 30 | -76.2% | -54.5% | -36.2% | -43.4% |
| Mobile Home | 149 | 149 | 74 | 117 | 102 | -31.5% | -31.5% | 37.8% | -12.8% |
| Recreational | 32 | 7 | 4 | 5 | 3 | -90.6% | -57.1% | -25.0% | -40.0% |
| Singles | 1613 | 1134 | 839 | 1043 | 930 | -42.3% | -18.0% | 10.8% | -10.8% |
| Apartment Condo | 698 | 523 | 319 | 384 | 320 | -54.2% | -38.8% | 0.3% | -16.7% |
| Townhouse | 411 | 270 | 232 | 301 | 253 | -38.4% | -6.3% | 9.1% | -15.9% |
| Lots | 180 | 124 | 42 | 132 | 81 | -55.0% | -34.7% | 92.9% | -38.6% |
| IC&I | 124 | 106 | 46 | 70 | 63 | -49.2% | -40.6% | 37.0% | -10.0% |
| Other | 112 | 80 | 59 | 85 | 67 | -40.2% | -16.3% | 13.6% | -21.2% |
| Total | 3445 | 2459 | 1662 | 2190 | 1849 | -46.3% | -24.8% | 11.3% | -15.6% |
| Average Price | 1849 | ||||||||
| Duplex | $345,513 | $397,271 | $354,192 | $372,688 | $342,155 | -1.0% | -13.9% | -3.4% | -8.2% |
| Mobile Home | $106,177 | $127,227 | $95,621 | $99,010 | $92,927 | -12.5% | -27.0% | -2.8% | -6.1% |
| Recreational | $340,559 | $251,294 | $240,000 | $436,400 | $203,333 | -40.3% | -19.1% | -15.3% | -53.4% |
| Singles | $464,430 | $516,975 | $446,392 | $482,977 | $466,254 | 0.4% | -9.8% | 4.4% | -3.5% |
| Apartment Condo | $259,543 | $292,818 | $252,290 | $254,252 | $260,959 | 0.5% | -10.9% | 3.4% | 2.6% |
| Townhouse | $340,724 | $387,324 | $337,656 | $354,572 | $344,798 | 1.2% | -11.0% | 2.1% | -2.8% |
| Lots | $304,251 | $237,875 | $227,022 | $284,645 | $246,288 | -19.1% | 3.5% | 8.5% | -13.5% |
| IC&I | $422,378 | $426,412 | $228,649 | $228,852 | $221,124 | -47.6% | -48.1% | -3.3% | -3.4% |
| Grand Total | $398,265 | $438,639 | $381,635 | $404,172 | $385,501 | -3.2% | -12.1% | 1.0% | -4.6% |
Hager Robert