Nothing too unusual about the June real estate numbers after scanning them once. 212 sales seems ok considering there were 251 last june (a good month) and only 185 June 2008 (not a good month) and finally a decrease in the number of homes on the market from 1323 in May to 1186 in June. In the Spring it seemed like everyone’s house was for sale and no one was getting any offers. The average sale priced dipped back to where it should be in June to $480,000. This is the same as where it was a year ago and down from May ’10 when it held steady above $500,000 for the second month in a row. April and May were exceptions only because more lakeshore homes sold in Kelowna.
If you’re a homeowner here in town and own a home in the $300,000-500,000 range you are likely getting a lot of activity with showings and enquiries and can expect to sell your home in a reasonable time period. There are plenty of buyers in this price bracket and we recorded 120 June sales. If you are trying to sell in the $800,000 to $1,000,000 range the odds of selling next month is slight. There were all of 2 sales (not a typo) in this price range last month with 172 homes for sale. We haven’t seen the high end buyer lately and in order to sell some of these high priced homes we are going to have to see a lot of significant price adjustments.
We hope you are having a great Summer and drop in and say hello if you’re in Kelowna we would love to buy you a coffee and chat about the market.
Living in Kelowna,
Andrew Smith and Jo Ann McLellan
Smith McLellan Group
Royal LePage Kelowna
To view homes go to www.Okanaganbc.com
250-979-8066 or Toll Free 1-800-330-5883
Follow me on Twitter @smithap01