1st quarter statistics for the Central Okanagan show that prices have risen over last year in all housing categories. Year-to date average sale prices are up 15% for residential properties, with apartment condos leading the way with 16.7% increases. Townhouses are up 13.5%, mobile homes 8.9% and lots 4.84%.
2008 has seen more listings hit the market than the same period last year, an 18.5% increase. Sales however, are down by 16% overall. Mobile homes seem to be the only category bucking this trend showing an 6.6% increase in sales over last year. I am seeing an increase in interest in mobile homes and lower priced condominiums due to their affordability. On average residential properties are taking 66 days to sell, which is similar to last year.
Prices are up, but this is not uniform for all areas. Certain areas are seeing a much greater increase in prices than others. So if appreciation is your goal, you need to focus on those sub-divisions. Give me a call and we can discuss how to get you into the home most suitable for your needs.