Newsletter October 2010

It seems that as we start the month of October, I am more inclined to rave about the gorgeous warm, sunny weather we have had over the last few days rather than the latest Real Estate Stats for the Central Okanagan!!

Sept 2010      Central Okanagan Real Estate Stats

Type              Total       S Fam      Strata     Lot       Manuf


Sept 10           219          132            72           5           10

Aug 10           269           129          107         15           18

Jul 10             219           122            72         11           14

Jun 10            343           207            97         18           21

Sept 09          382           225          136         11           10



Sadly, as you can see from the latest figures, real estate sales have again taken a downturn.

The encouraging thing is that we have seen more single family home sales, and it has been condo sales that have taken the biggest hit.

Interestingly the average residential sale is currently $466,000 which is only 0.27% below the average last year. Whereas the average Condo price has fallen 9% to $235,000 and the average Town home price has fallen 4% to $341,000.

On the Inventory side there are currently 1666 Residential homes for sale -up 5%, Condos are down 12% to 988 and Town homes are down 0.4% to 493. I believe this reflects the number of condo owners who decided to rent their units this fall.

Summary

It remains a great time to Buy, particularly with interest rates remain lower.

Kind Regards


Trish Cenci

Cell 250 864 1707

Web site http://www.mykelownarealestate.com