The Okanagan Mainline Real Estate Board has reported that as of November 2013 we are still in a buyers’ market, meaning that if home sellers are to be successful, they must be competitive when setting their asking price.
Sales activity of all MLS® property types are continuing to improve. Sales are up 20.90% from November 2012 with 324 units being sold this November. The number of residential homes sold has also increased 26.97% to a total of 306 units over this month last year. The number of all units listed in MLS for October is down 2.58% to 566 and residential listings are up 5.54% to 476.
The average price for a home is down slightly in November 2013 at $391,946 from $410,092 in October 2013 as well as down 1.98% for the same month last year. The median cost is also down from October ($365,000) at $353,750 as well as down 6.17% from November 2012. Single family dwellings are down 2.26% in average price, while apartments are down 4.83% and townhouses are up 4.42%.
The average days for any unit type in MLS to sell is sitting at 118 days this November, which reduced from last November (128 days) but longer than October at 93 days. The average number of days to sell a residential home is sitting at 114 days.
The number of homes sold in the 0K to 199K, 280K to 319K, 320K to 359K, 440K to 479K, 480K to 519K and 560K to 599K price ranges all saw slight increases over last November, while 400K to 439K saw a significant increase that more than doubled. The 200K to 239K and 600K to 999K price ranges on the other hand saw a significant decrease. Almost all of this month’s prices ranges also saw a decrease from October of this year.
The average sold price for a residential unit is sitting at $391,946, which is down -1.98%. The sold price for a single family residence has come down this month from last month ($481,993) to $458,171 this month, which was lower than September’s low of $465,966. It is also sitting 2.26% lower than this month last year, which was $468,784.
The Joe Rich region saw a significant decrease in average price this month from last year’s average price as well as smaller decreases in other regions such as Kelowna South, Westbank Centre, Lake Country North West, Lake Country East/Oyama, Westside Road and Lakeview Heights. Big White continued to see a significant increase this month over last year but saw a huge decrease in the average price from last month. The Beverdell/Carmi, Fintry, North Glenmore and Peachland regions saw small increases in average price over last year in November.
The Luxury home market is down from last month with the number of million dollar luxury homes sold dropping from 19 to 16 in the last two months. There was also a fair decrease in the number of million dollar homes listed this month.
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