Current Central Okanagan MLS Listing Inventory as of December 9,2009:

Single Family Dwellings - 1484 properties including 12 pending offers

Strata - Condos - 1058 properties including 3 pending offers

Strata - Townhomes - 364 properties including 4 pending offers

Manufactured Homes - 200 including 1 pending offer

Lots/Acreages - 725 properties including 4 pending offers

Total properties for sale - 3,831 (total inventory decrease of 8.04% from last month's report)

Total unit sales dropped by 30% to 303 units from 435 in October while sales increased 102% from 105 sold properties in November 2008.  Total residential units sold this November (266 sales) fell 31% compared to October (389 sales) but increased 91% from November 2008 (139 sales).  Single family homes sold in November (137 sales) were also off the pace of October (215 sales) by 36% and increased by 93% from November 2008.  Condo and townhome sales continue to show positive signs of growth.  Total townhome unit sales were 44 which represented a 159% increase versus the 17 unit sales for last November.  Total condo unit sales in November were 63 an increase of 66% from this time last year (38 sales).

The inventory levels typically fluctuate moreso at this time of year as several home owners opt to remove their properties from the marketplace.  The real estate market in Kelowna and the Central Okanagan has begun to slow down with the overall absorption rate for all listed properties decreasing to 6.65% (down nearly two full percentage points from October 2009) or a current 15 month supply.

If you would like more in depth statistics or have any general questions please contact me at (250) 808-7700 or at jason.neumann@century21.ca

Complete OMREB Statistics for November 2009

Sincerely,

Jason Neumann