RE/MAX Vernon
5603 27th Street
Vernon, BC
V1T 8Z5 CA
 
Greg Kalyniuk
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Direct:(250) 503-3758
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Market report – hot and cold, hot and cold

Single Family Homes Summer Update

The summer weather and single family home sales have been hot and cold in the North Okanagan. As you can see by the graph on the right, in May there were less single family home sales (65) than the last two years. The weather started to heat up a bit in June and July as did home sales which out paced 2010 results, although still slower than 2009 levels.  To put these sales figures in perspective, the record high for summer single family home sales was 132 in June 2007, while the record low was 48 sales in August 2011. That’s right, we hit a record low for single family home sales in August. The next slowest Augusts on record were 2000 and 2010 with only 55 sales.

 

What about the number of homes on the market? The peak was earlier in August where there were 883 single family homes for sale on the MLS.  As you can see by the graph below there have been over 800 homes on the market for most of the summer and looks like we will see the large inventory continue well into the Fall. The recent trend, as expected, is for the number of listings to start coming down as we move into the Fall. In fact, on September 1st there are 838 homes.

 

Combining the low number of sales with the high inventory has put the sales to listing ratio at a lowly 6%. This indicates again that we are in a Buyers market and hopefully at the end of this down cycle. I don’t believe that we can sustain this low level of activity for long. There are too many favourable conditions in Canada and our local economy to keep those buyers down. Here’s looking forward to a great Fall selling season!

 

The median sold price for single family homes in August 2011 was $320,000 and the average sold price was $376,415. In August 2010 the median sold price for single family homes was $367,500 while the average sold price was $374,317.

Condos and Townhouses Update

The number of strata homes on the market (condos, apartments, and townhouses) is still high at 433. This trend has continued for most of the summer with listings averaging over 420.

The number of strata sales in August, 2011 was 24 and the sales to listing ratio was a lowly 6%.

The median sold price for stata during August 2011 was $210,000 while the average sold price was $224,163.

Looking forward to the Fall

With everyone getting back from holidays and looking forward to moving before Christmas I expect that home sales will pick up. Active listings should start to tail off as the Fall progresses. The HST fiasco is behind us. We hit a record low number of sales in August. Where can we go from here? No where but up I say. Let’s keep a positive attitude, sharpen our selling pencils, get out as Buyers and buy, and we will have a wonderful Fall selling season.

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