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Wise on Real Estate – Monthly Residential Market Watch(1)
January 2009 - Central Okanagan and Kelowna Real Estate Statistics
The Kelowna real estate market decreased this month from a price perspective. January 2009 average house prices dropped 15.5% from $486,910 to $411,591 throughout the month. Average price is down 14.99% from the January 2008 average of $484,144.
The number of Kelowna/Central Okanagan sellers has increased quite a bit. The number of units listed in January is down 8.99% to 881 units over last year’s 968 units. How many SOLDS did we see? A big decrease compared to last year – with 114 units sold vs. the 322 units sold in January 2008. Total Active Listings as of the end of January 2009 – 4648 vs. January 2008 of 3128 – an increase in active listings of 48.59%! Days on market increased to 104. Residential Sell to Inventory Ratio – 3.65%.
(1) Source www.OMREB.com statistics – please verify if important
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