Tuesday, May 3, 2011

Okanagan Real Estate Report - Spring has SPRUNG!

Hello Spring!

Thant’s right, Spring seems to be in the air in Kelowna! From my window right now I can see some crocuses poking through the earth, the grass is a bit greener, the flowering shrubs in the yard are covered with new buds and the landscaper is officially starting today! Before you know it we will all be sitting on our decks and enjoying the sounds and smells of the Okanagan in Summer! If you were thinking of putting your place on the market now is the time to get that process underway...sales are actually getting better and the number of listings on the market is down from last year! That means it is a great time to sell...I can speak from experience as I have taken my share of buyers around for the past few weeks and the offers are a'flying! Contact me today if you would like to have a free market evaluation done on your home!

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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 Statistics 
Based on March MLS Data


New Listings:
March 2011   1122  
March 2010   1362     
Unit Sales:
March 2011    341
March 2010    387
Median Prices:
Single Family Residential   $433,750
Townhouse   $319,000
Condo   $210,000
Lot   $196,450

CLICK HERE for a complete Stats report

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Trever Florko

 Aly Powers

CENTURY 21 Assurance Realty Ltd
Toll-free: 888.301.2121
Bus: 250.869.0101
Cell: 250.859.5990


100-1634 Harvey Avenue, Kelowna, BC

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The Spring Market

If 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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Century 21 Assurance Realty (Kelowna)
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