Vernon Foothills

The Okanagan Mainline Real Estate Board has released their statistics for September 2008. Here are some highlights:

•  The average price of residential real estate in the North Okanagan region dropped almost 7% when compared to September 2007. Most of this drop, however, is in specific segments, namely recreational and residential with farm. In Sep. 2007 the average price of a recreational property was $692,500 compared to $277,500 for Sep. 2008.
• The number of active listings in the North Okanagan region currently stands at 9847 which represents an almost 22 month supply of real estate.
• There were 507 active lot listings in the North Okanagan region in Sept 2008 and only eight of those sold. At that rate of selling it will take over five years to deplete the inventory of lots.

Overall the market continues to favour the buyer and we can expect further price declines to occur.