In the Okanagan for the month of December 2008 the listing price ratio vs. the sales price ratio was 89.4%. That means on average houses sold in December sold for 89.4% of their asking price. In December of 2007 houses were selling for 95.3% of their asking price so the ratio has gone down quite a bit in one year.
The median house sale price for December 2008 was $473,000.
There is an inherent recognition of value in our market as buyers are still willing to pay around $500,000 on an average for a single family home. Buyers are getting more bricks and mortar for their money. The median price for 2008 was $473,000 (still higher than 2007 at $439,000). This midpoint calculation means that of the 1,755 homes sold in 2008, 877 were more than $473,000.
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