About Central Okanagan, BC

Current listing inventory as of October 13,2009:

Single Family Dwellings - 1858 properties including 12 pending offers

Strata - Condos - 1107 properties including 7 pending offers

Strata - Townhomes - 463 properties including 4 pending offers

Manufactured Home - 224 including 1 pending offer

Lots/Acreages - 852 properties including 3 pending offers

Total properties for sale - 4,765 (total inventory decrease of 5.79% from last month's report)

The real estate market in the Central Okanagan continues to show signs of growth with the overall absorption rate for all listed properties increasing to 7.59% or a 13 month supply.

The hottest segment of the real estate market in the Central Okanagan continues to be townhomes. There were 28 sales in September of 2008 compared to 62 sales in September of 2009. That accounts for a 121.43% increase in sales year over year and an absorption rate of 12.53% of the overall townhome inventory. Essentially, at that rate of sales there is enough supply for 8 months. Bottom line is if you are considering selling your townhome, this is great time as Buyers have certainly spoken on what they want for housing right now!

Residential homes have also seen some encouraging stats with 207 unit sales for September of 2009 compared to 129 at this time last year. That means a 60.47% increase in sales likely due to low interest rates and lower house prices this year versus last. Another statistic worth mentioning is the absorption rate increase of nearly 3% since August 2009. At this currrent rate of sales vs inventory there is a 7 1/2 month suppply. First time home buyers are certainly enjoying this market!

If you would like more in depth statistics or have any general questions please contact me at (250) 808-7700 or at jason.neumann@century21.ca

Complete OMREB Statistics for September 2009

Sincerely,

Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com

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Tired of the same old scene on the coffee shop front? Had enough of standing in lines or waiting in drive-thrus just to get your cup of joe? Well then look no further than the Bean Scene in Kelowna's family friendly neighbourhood of Rutland. The Bean Scene is known locally for its great selection of specialty coffees including the ever popular "London Fog". Upon entering the doors to this coffee lovers utopia the beckoning and busyness of life seemingly evaporate after your first sip of heaven. Free wireless Internet, large seating areas and warm modern decor are all part of the overall experience as well. By the way, highly recommend the mocha!

The Bean Scene Coffee Works is located across the street from Rutland Centennial Hall (207 Rutland Road) just before the intersection of Hwy 33 and Rutland Rd. Hope to see you there!

Sincerely,

Jason Neumann

Current listing inventory as of September 23,2009:

Single Family Dwellings - 2015 properties including 9 pending offers

Strata - Condos - 1159 properties including 8 pending offers

Strata - Townhomes - 480 properties including 7 pending offers

Manufactured Home - 228 including 3 pending offers

Lots/Acreages - 883 properties including 3 pending offers

Total properties for sale - 4,765 (total inventory increase of 1.47% from last month)

The hottest segment of the real estate market in the Central Okanagan are townhomes. There were 32 sales in August of 2008 compared to 70 sales in August of 2009. That accounts for a 94% increase in sales year over year and an absorption rate of nearly 14% of the overall townhome inventory! Essentially, at that rate of sales there is enough supply for 6 months. If you are considering selling your townhome, now would be a good time indeed!

There are a total of 56 foreclosures amongst the entire listing inventory. That is an overall change of 11 listings to the total number of foreclosures from August,2009 to September,2009.

Current foreclosures in the Central Okanagan listings represents 1.175% of the total listing inventory!

The breakdown is as follows:

2 Lots and Acreages ($399,000 and $590,000)

32 Single Family Residential ($250,000 to $2.295 Million)

22 Strata Properties ($189,900 to $999,000).

The biggest change to the foreclosure inventory was in strata properties. There were 10 listings last month and now there are 22 listed. That is a significant jump of 120% in a single month! There are currently no pending foreclosure properties being reported.

Total Year To Date Foreclosure Sales are:

1 Lots and Acreages for $264,500

If you would like a detailed list of current foreclosures in Kelowna and its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca

Sincerely,

Jason Neumann

Current listing inventory as of August 28,2009:

Single Family Dwellings - 2091 properties including 12 pending offers

Strata - Condos - 1073 properties including 3 pending offers

Strata - Townhomes - 505 properties including 8 pending offers

Manufactured Home - 229 including 1 pending offers

Lots/Acreages - 937 properties including 4 pending offers

Total properties for sale - 4,835 (total inventory increase of 0.62% from last month)

There are a total of 45 foreclosures amongst the entire listing inventory. That is an overall change of one listing to the total number of foreclosures from July/09 to August/09.

Current foreclosures in the Central Okanagan listings represents 0.9% of the total listing inventory!

The breakdown is as follows:

2 Lots and Acreages ($445,000 and $590,000)

32 Single Family Residential ($250,000 to $2.295 Million)

10 Strata Properties ($189,900 to $999,000).

There is currently one pending sale on a foreclosure property in the Joe Rich area.

If you would like a detailed list of current foreclosures in Kelowna and its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca

Sincerely,

Jason Neumann