Vernon Foothills

I have just finished perusing the latest stats from the Okanagan Mainline Real Estate Board. Here’s a breakdown of some of that data:

•  There are close to 10,000 active listings in the North Okanagan
• There were approximately 500 units sold in each of July and August 2008, which is roughly half the volume of July and August 2007.
• The above translates into a roughly 20 month supply of real estate.
•  recreational properties were hit hard in 2008. 8 units have sold so far this year compared to 27 during the same period in 2007.
• 9 lots sold in August 2008. The current inventory is at 497.  At that pace it will take over 4 years to sell existing inventory and there are many lots continuing to be developed in the North Okanagan. 
• average price of a detached single family house is still up about 8% so far in 2008 compared to same period in 2007.
• There are 146 active residential listings over $1 million dollars. Only 3 sales were made in that category in August 2008 (5 in July). 

Conclusion: Prices will be coming down. If you are a buyer, take your time.