real estate report
Trever Florko, REALTOR®
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The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported March 2011 sales activity of all MLS® property types improved over last month but dipped compared to sales reported at this time last year when buyers were spurred into the market early in the first quarter to avoid the impending HST. The local housing market continues to stabilize and show more balanced conditions moving into Spring.
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Market StatisticsBased on March MLS Data
New Listings:March 2011 1122March 2010 1362Unit Sales:March 2011 341March 2010 387Median Prices:Single Family Residential $433,750Townhouse $319,000Condo $210,000CLICK HERE for a complete Stats report
The Spring MarketIf we were to simply look at the sales in the first quarter of 2011 and compare to last year, we would likely be slightly depressed. We are down 11% in sales in all 3 zones of the Okanagan / Shuswap and when you consider that 2010 was not a year to write home about, this makes it slightly depressing. However, a Real Estate market has a lot more happening in it that just the number of transactions. We as Realtors watch the inventory, something called the absorption rate, the prices and the DOM (Days on Market) which lets us know how long it is taking for the average house to sell. We do this so we can sit down in front of our clients and give them some advice about their Real Estate needs that is based on facts and statistics instead of just whimsical opinions. The most important stat is always the absorption rate. This is the percentage of the total residential inventory that is selling in any given month. The reason this stat is so important is that it is a direct gauge of the 2 opposing forces; supply and demand. These 2 forces control the Real Estate industry. In all three zones, the North Okanagan, the Central Okanagan and the Shuswap, the absorption rate is rising. This means that the market is recovering. However, it is recovering very slowly. As long as it maintains its present direction we will see the other stats follow suit. If you remember the recession in the late nineties and the recovery of 2000+ was the same. It was a very slow gradual turn around. Real Estate is like the turtle, it does not change quickly.
Call today if you have any questions about the current Real Estate Market.
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