KELOWNA REAL ESTATE OUT PERFORMS THE REST OF BC

KELOWNA REAL ESTATE OUT PERFORMS THE REST OF BC

Did the Central Okanagan buck a provincial trend in August or am I reading our MLS numbers incorrectly?
Earlier this month we reported 205 residential unit sales at a $573,000 average August 2012 compared to 158 units sold August ’11 at $540,000 average. Both average sale price and units sold up significantly august over august. I’m not sure why or how we bucked the provincial trend last month and the numbers appear to way outside the statistical margin of error. The provincial average sale price was down 25{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} August over August and units sales were down 18{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09}. There were clearly a lot of high end homes selling in Kelowna this past August compared to a year ago, and a lot more homes did sell, but I’ve never seen our market outperform the rest of the province so significantly. Only time will tell if this is a blip or the start of an upward trend.

According the the BC Real Estate Association, overall sales in Kelowna are up 17.4{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} this year compared to the same point last year. We’re the 2nd most improved real estate board only behind “Northern Lights” board. A gold star to anyone who knows where the Northern Lights real estate board is.

‘Til Next Time,

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna bc real estate

The High End Buyer Rolls Into Kelowna

The High End Buyer Rolls Into Kelowna

This past month was one of those months that no one predicted and sellers shouldn’t get too excited about. The high end buyer showed up, finally, in August and we saw 18 homes sell over $1,000,000. The average sale price of the 209 residential sales was $570,000 which is up significantly from the $491,000 average from July. NO, YOU’RE HOUSE DIDN’T GO UP $80,000 LAST MONTH!

Some months a lot of low end homes sell and the average sale price slips significantly but this month the reverse happened pushing the average sale price way beyond where it should be. There were 50 homes that sold over $600,000 and only 50 that sold under $360,000 which is unusual. The number of homes selling slipped a bit though compared to July ’12 when there were 233 sales but this number is way up from August ’11 when there were only 162 sales. Long time readers of this blog know that 200 monthly sales is what I consider a healthy month. Everyone should be cautiously optimistic heading into the Fall market.

Although 50 homes sold for over $600,000 last month please be aware that there are still 870 homes still for sale priced over $600,000 so we’re still in a buyer’s market.

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Regards,
Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here kelowna BC homes for sale