Wednesday, 14 November 2012
BCREA Reports Kelowna Real Estate Sales Strengthening October 2012
I am pleased to say that when I read the Real Estate Sales report from the BC Real Estate Association today, the figures for Kelowna and the Central Okanagan Area are continuing to show signs of recovery.
Numbers of active listings are down to 5,767 from 6,053 this time last year, which is a 4.7% reduction, and sales to active listings have increased to 7.8% from 6.7% last year.
Whilst that is not yet balance market territory, it is getting closer!
Vancouver, BC – November 14, 2012.
The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 14.6 per cent to $2.7 billion in October compared to the same month last year. A total of 5,276 MLS® residential unit sales were recorded over the same period, down 10 per cent from October 2011. The average MLS® residential price was $508,292, down 5.1 per cent from a year ago.
"While consumer demand was stronger in October on a provincial basis, home sales continue to trend below last year’s level,” said Cameron Muir, BCREA Chief Economist. “Tighter mortgage credit regulation has moderated housing demand on the South Coast."
“However, an increase in residential sales was recorded in the Okanagan, Kootenay, Chilliwack and BC Northern board areas,” added Muir. Year-to-date, BC residential sales dollar volume declined 18.2 per cent to $31.1 billion, compared to the same period last year.
Residential unit sales declined 10.5 per cent to 59,946 units, while the average MLS® residential price was 8.6 per cent lower at $518,321.
For the full report please go to http://www.bcrea.bc.ca/docs/news-2012/2012-10.pdf
Tel 250 864 1707