The second quarter is over and done with now and there were 582 residential sales in April/May/June with an average sale price of $490,000. The 1st quarter of this year showed 450 sales with an average sale price of $478,000. Compare this to the 2nd quarter of 2010 when we generated 580 sales with an average sale price of 536,000. The sale price averages continue to be all over the map and it’s difficult to get a handle on where prices are going so it’s OK to feel confused.
For the month of June/2011, there were 216 sales with an average sale price of $468,000. June 2010 had 194 sales with an average of $557,000 and May 2011 had 194 sales at $494,000. Once again, if it feels like you’re reading the same paragraph twice, you might as well because the analysis is the same. Unit sales up, prices all over the place.
Let’s take a moment at this point in my blog entry to toast the Kelowna Real Estate market. I have no idea how the newspapers or the “better-to-rent” crowd in the blogosphere are going to report these numbers tomorrow but 582 residential sales for the 2nd quarter is the 2nd best quarter on record since the 2nd quarter of 2008. Q3 of 2009 edged us out by 3 house sales otherwise it would have been the best quarter in 3 years. If you’re a home owner reading this you’re likely paying close attention to prices monitoring equity losses or gains, but anyone in the real estate industry, or those who depend on the real estate industry have to be breathing a little easier with residential sales numbers on the upswing. Let’s all hope this continues.
We are certainly seeing a lot more out of town buyers these days now that the weather has warmed up. You never know if an Alberta buyer wanting to look at homes on a holiday weekend is just bored or serious, but we’ve always run out our ground balls and I think we’ve met our best customers (and best friends) from innocuous cell phone calls from a for sale sign.
Living in Kelowna,
Smith McLellan Group
Royal LePage Kelowna
To view homes go to www.Okanaganbc.com
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