We've begun to post our 2010 North Okanagan Real Estate Sales Recap series on our website.
The first post in this series shows the number of residential real estate sales transactions in one pie chart, and the distribution of dollar values in the second pie chart.
View North Okananan real estate sales numbers.
Total number of residential real estate transactions in the North Okanagan Zone was 1452 generating a total sales value of $488,339,315. We are in the process of updating our Neighbourhood pages with the final 2010 data and sold reports so check back often to see what happened in Neighbourhoods that are of particular interest to you.
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
Okanagan Real Estate News
Check out our recent publications:
Visit Our Blog for recent North Okanagan Market Stats
Visit our North Okanagan Real Estate Market Trends Page for Key Market Indicators, BCREA Housing forecast and reports on WHAT SOLD
Visit our Central Okanagan Real Estate Page for What Sold in the Central Okanagan and BCREA Housing forecast
Are they Up or are they Down? Canadian Home Prices in the News:
The Canadian Real Estate Association released their September sales figures this week and half the media headlines announced a slight increase in sales while others reported a 20% decline in sales. So are sales up or are they down? CREA's seasonally adjusted (a statistical method for removing the seasonal component of a time series) sales increased 3% in September. But when we compare sales in September 2010 against the same month in the previous year, sales were down 20%.
Home sales rise slightly in September (Globe and Mail)
Home sales in September rose 3 per cent from a month earlier, while prices slipped back to year-ago levels.
Canada September Housing Resales Rise 3 Percent, Real Estate Group Says (Bloomberg)
Seasonally adjusted unit sales rose to 33,913 homes from 32,933 units in August, the group said. Sales in September were 20 percent below year-ago levels and the average price for a home was little changed at C$331,089 ($329,180), the group said.
September home sales drop 20% compared with 2009 (Toronto Star)
One thing that's keeping pricing from dropping further is that new listings remain 15 per cent below the peak reached in April, as some vendors have decided to take their homes off the market.
September home sales down: CREA (CBC)
April was the busiest month for home sales this year, and activity in September was 15 per cent below that level. It's expected annual comparisons will pale for the next several months because of the inflated levels seen at the end of 2009.
New Home Prices Up in August
Canadian new house prices up in August (Toronto Star)
The monthly Statistics Canada new home price index rose by 0.1 per cent, after declining by the same amount in July, according to figures released Wednesday.
New home prices still climbing (Financial Post)
"The bulk of the change in new home prices is reflective of what is happening to construction costs not what is happening to supply and demand in the real estate market," says Mr. Alexander, suggesting it may not play out for the entire housing market.
Canada August New Home Price Index Unexpectedly Rose 0.1%, Led by Hamilton (Bloomberg)
The 0.1 percent advance reversed an identical loss in July, and was led by a 0.9 percent rise for Hamilton, Ontario, Statistics Canada said today from Ottawa. From a year earlier, new home prices increased 2.9 percent in August.
New home prices edge higher (CBC).
Statistics Canada said new home prices were unchanged in 10 of 21 metropolitan markets.
Interest Rates
Economists want BoC to keep raising interest rates (CTV)
The central bank does not acknowledge the advice of the think-tank's council of economists, but panel chairman William Robson says the recommendations have a good track record in predicting the bank's policy direction.
Banks move to cut fixed mortgage rates (CBC)
Up until six months ago, fixed rates were popular, Tzaferis said, and banks pushed people into them, hoping to lock in the profits to be had in the spread between what they paid to borrow and what they earned to lend.
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
Good news for sellers this week as the number of firm sales was up slightly from last week's total of 91. In addition, fewer new listings were added to the existing inventory. This is most likely a seasonal adjustment, as the market here in the Okanagan Shuswap - and Canada in general wanes as we move into the winter season.
For Buyers- this too is an indication. By having your Realtor identify new to the market listings especially at this time of year in this market - you are more likely to locate a motivated seller. Fewer sellers are likely to "test the market" in the winter months. By looking at the Average Days on the Market - which again are looking like a listing period of 3 or more months - we can forecast that most homes that are likely to sell listed today will not sell till into December. Further to that - if we were to look back at the last few December Stats for sales - we would see that the volume of sales for that month is historically very light.
With a more sellers lowering their prices than adding to the market - this also shows motivation to buyers who are tuned in and watching. Do you have a personal search portal that helps you monitor changes in the market for the types of property that interest you? We offer this service to our clients and are happy to set you up. It is quick, painless and free!
Meanwhile - here is today's report:
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| From Market Watch |
| List Price | Sold Price | DOM | ||||
| Min | $40,000 | $33,000 | 1 | |||
| Max | $2,490,000 | $2,240,000 | 492 | |||
| Avg | $430,562 | $405,116 | 106 | |||
| Sum | $43,056,208 | $40,511,602 |
And in the last 24 hours:
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| From Market Watch |
| List Price | List Price | Sold Price | DOM | |||
| Min | $74,000 | $62,500 | 14 | |||
| Max | $1,099,000 | $1,000,000 | 359 | |||
| Avg | $378,460 | $360,545 | 117 | |||
| Sum | $8,704,589 | $8,292,532 |
Numbers will vary depending on the time of day - please ask for clarification before relying on results. All data from the Okanagan Mainline Real Estate Board database. (MLS)
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
September 14 2010
Here is a quick overview of the last 24 hours in Okanagan Shuswap Real Estate:
For more information on any of these properties, please contact us - we are happy to provide more details for you.
Visit our Client portal pages to see active North Okanagan Real estate listings (Vernon BC and surrounding communities) What's For Sale in North Okanagan Real Estate?
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
This is the first in a new series of market reports that will provide an overview of real estate activity in within the Okanagan Mainline Real Estate Board area - Central and North Okanagan and Shuswap real estate.
In the last 7 days:
278 properties were listed for sale
203 listings were extended for a longer time
76 properties were put back on the market after the list period expired
11 properties increased in list price
225 properties reduced list price
82 properties moved to Sold status
142 listings expired
and 10 properties moved to offer pending status.
Of that activity - the following occurred within the last 24 hours:
56 properties listed
35 properties extended listings
13 properties returned to the market after an expiry
2 properties increased list price
49 properties reduced list price
16 properties moved to sold status
27 listings expired and
4 properties moved to offer pending status.
These numbers reflect Residential listings only, and do not reflect changes in commercial or farm specific listings. If you would like market specific information, please let us know. We are happy to create reports that meet your real estate needs.
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
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