Tuesday, September 2, 2008

Record Inventory Levels - Prices Hold Steady Kelowna, August 8, 2008

Record Inventory Levels – Prices Hold Steady Kelowna, August 8, 2008:

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported the number of units listed on the Multiple Listing Service® in the Central Zone was up again this month by 43% at 1419 listings this July compared to 995 in July 2007. Total sales dollars of all property types sold on the MLS® in June decreased by 38% compared to July 2007 while the number of Units Sold also decreased by 39% (334 units sold compared to 553 last July).

Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone says: "In this market where the volume of inventory is reaching record levels, it is natural to wonder what is happening to prices. Reviewing the year to date, month over month price trends, the average and median prices continue to increase; however, whereas we were seeing price trends increasing in the 20 -28% range over the last four years, so far this year the increases are in the 10 - 13% range."

"Increases in inventory levels will continue to put downward pressure on prices; however, we do not expect prices to drop off dramatically." continued Moshansky. "When we put the numbers in context, we realize our sales have returned to normal levels. We also are somewhat buffered from trends in other areas as we are a destination point continuing to attract interest." Moshansky summarized "This is a strong and active market where sellers need every bit of knowledge and expertise from their REALTOR® to establish a competitive price. Buyers also need the negotiation skills of a REALTOR® to help them evaluate their decision and get the most bang for their dollar."

The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Hwy 33 to Westbridge (including the Christian Valley).

The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1281 Member REALTORS® and 93 real estate offices in the Central Interior of BC. For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at: www.mls.ca and www.icx.ca. Our local public website is available at: www.omreb.com. All OMREB listings are published in our MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas.

For comprehensive Board-wide statistical information please visit www.omreb.com

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