September 2017 Central Okanagan Real Estate Market Report

 One of the most important key performance indicators in the local real estate market is the Absorption Rate. This is a measure of how many months it would take to sell off all of the currently listed properties at the last month's number of sales.

Central Zone (Peachland to Lake Country):  

As you can see - we are presently in a similar position to mid 2007 with less than 5 months of property inventory on hand.  This chart shows that the downward trend which started in 2011 continues. It also clearly shows the cyclical, seasonal nature of our market.

 Currently we have 4.74 months of inventory on hand, but over the course of the last 10 years, there has been as high as 37.09 months in January of 2009 and as few as 2.66 months - in May of this year!

Top Sale for September in Central Okanagan:


1475 Pritchard Drive, West Kelowna, V4T 1X4

MLS® #:
10132452
Status:
Sold


Zone:
Central Okanagan
Sub Area:
LH - Lakeview Heights


Price:
$7,995,000
Orig Price:
$7,995,000
Sold Price:
$7,000,000
Days to sell:
152

 Marketed as:


To reside on this property is a dream realized! 13.319 level acres on the sparkling waters of Okanagan Lake offering 284 ft. of beachfront, boat dock & lift, 3 bedroom guest cottage, grand entertainment sized lakeside patio complete with saltwater pool, hot tub, outdoor kitchen & living spaces. Timber beam accents, vaulted ceilings, open concept design, gorgeous island kitchen with high end appliances & maple cabinetry, great room, family room and triple garage. The 3 bedroom guest house offers spacious rooms, 2 bathrooms, kitchen, laundry and living room, perfect for extended family & visitors. Residences set on 5.3 acres and farm status is held for the balance of the land with an income producing lease in place. Located just minutes from world-class wineries, golf, shopping and dining, and less than 20-minutes from downtown Kelowna. A stunning grand waterfront estate set in the heart of wine country!

The following charts are based on September 1st - 30th, 2017
Here is our look at the OMREB numbers in Central Okanagan MLS® real estate.  

Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. 

 

Condo Apartment
 
Listings Sold
 127
New Listings
 180
Current Inventory
 354
Absorption Rate Sell/List
 35.88%
Months of Inventory on Hand
  3 Months
Days to Sell (Average)
 58
Days to Sell (Range)
 2  to  742
Average Sale Price
$323,493
Median Sale Price
$300,000
Range of Sales Prices
$119,400 - $860,000

Hottest Neighbourhood
 Lower Mission


 

Condo Townhouse
 
Listings Sold
 70
New Listings
 104
Current Inventory
 242
Absorption Rate Sell/List
 31.40%
Months of Inventory on Hand
  3 Months
Days to Sell (Average)
 49
Days to Sell (Range)
 3  to  190
Average Sale Price
$468,617
Median Sale Price
$455,000
Range of Sales Prices
$187,000 - $899,473

Hottest Neighbourhood
 Westbank Centre
Building Lot
 
Listings Sold
 41
New Listings
 82
Current Inventory
 350
Absorption Rate Sell/List
11.71%
Months of Inventory on Hand
  9 Months

Days to Sell (Average)
 114
Days to Sell (Range)
 2  to  622
Average Sale Price
$438,800
Median Sale Price
$252,500
Range of Sales Prices
$49,000 - $3,700,000

Hottest Neighbourhood
 Lake Country South West

Residential Homes
 
Listings Sold
 193
New Listings
 386
Current Inventory
 961
Absorption Rate Sell/List
 20.08%
Months of Inventory on Hand
 5 Months

Days to Sell (Average)
 49
Days to Sell (Range)
 5  to  349
Average Sale Price
$710,578
Median Sale Price
$625,000
Range of Sales Prices
$222,500 - $7,000,000
Hottest Neighbourhood
 Lakeview Heights

Ratio of Sales vs Inventory      27.82%

Totals include variables in any given due to previous month’s collapsed sales and deleted listings. e & eo