Wednesday, 6 July 2011

Kelowna Real Estate - "Housing Market More Stable Moving into Summer" says OMREB

Hi All,

Here are the key highlights from today's OMREB Media release on the June 2011 Real Estate sales for the Central Okanagan.

Kelowna, BC – Media Release July 6th, 2011.

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2011 sales activity of all MLS® property types were down compared to sales reported at this time last year but improved over May as the market shows more stability moving into summer.

During June, overall sales dipped by 5.51% over last year to 343 from 363, with sales volumes of $133.1 million compared to $156.8 million in 2010. However, sales improved 1.78% over May’s 337. While total residential sales last month declined 6.89% compared to June 2010 (to 311 units from 334), single family unit sales were in line with last year (182 compared to 181), and improved 13.75% over May (160).

Inventory continues to decline over 2010 down by 8.11% to 5,301 units in June compared to 5,769 last year. New listings for the month fell by 7.21% over last June (to 1,094 from 1,179) – a 9.48% decline over last month (from 1,212 in May).

“The slight rebound and gradual improvement in June is promising. We hope to continue to see modest gains in sales if activity picks up with the warm weather and an influx of out-of-town buyers," says Kent Jorgenson, OMREB Director and REALTOR® in the Central Zone.

“While many factors have affected consumer confidence,created buyer hesitation, and deterred potential recreation, investment and retirement property buyers to date, it is still too soon to tell if there will be a slow down over the summer.This next month (July) will be a good indicator as to the ongoing trend".

Kind Regards

Trish Cenci

Tel 250 864 1707

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