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Stats - Dec. 2010

Blog by | December 20th, 2010

The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway33 to Westbridge (including the Christian Valley).

The Okanagan Mainline Real Estate Board reported that November 2010 sales slowed further from last month and are down sharply from sales reported at this time last year. New listings taken in November were up 9% over 2009 (707 compared to 647). Overall sales declined 36% compared to last November (to 210 from 326). Yet year-to-date total sales volume for all property types is only down 6% compared to the first 11 months of 2009.

"Home sales bottomed out in July but have trended upwards for the past four months with current figures reflective of 2001 levels," says Brenda Moshansky, OMREB President.

She also notes. "Results tracked this fall have found that the majority of purchases were by first-time home buyers in September and move-up buyers in October. Most buyers were from within the Board area (Central Okanagan, North Okanagan and Shuswap/Revelstoke) - 59.8% in September and 57.3% in October; followed by Alberta - 15.2% in September and 14.5% in October; and the Lower Mainland/Vancouver Island - 12% in September and 13.6% in October."
Major Point: While the overall average price is down by only 3%, there has been bloodletting in the recreational and the condo market in November. The hardest hit - the recreational market has an average price of $124,800 down 26% from $167,000. The condo prices are down by 14% from to $237,066 from $273,742.

Interesting that there are still quite a few buyers from Alberta. However, that number is down from the up to 30% of the market that Albertans represented in the past. In fact, Albertans (now having the choice of the much cheaper Phoenix and a dollar at par) have not been as visible everywhere. Vancouver Island, the Kootenays and certainly all of the Okanagan have been affected in 2010. It now takes 121 days to sell the average property.